LinkedIn inked a full-floor deal for 31,196 square feet at the Empire State Building, bringing its total footprint there to 109,719 square feet.
Sacha Zarba led a team from CBRE representing the tenant. William Cohen and Ryan Kass of Newmark Grubb Knight Frank represented the landlord, Malkin Properties. The social networking site became a direct tenant in the Midtown landmark in 2011, with 31,742 square feet on the 25th floor. It has since expanded to the 23rd, 24th and 39th floors.
The Empire State Building is becoming a more exclusive address.
The tenant roster in the iconic 81-year-old skyscraper has been cut to 171 companies from more than 600 in 2006, before Malkin Holdings took over supervision of the property. The average rent has increased to $42.10 a square foot from about $26. The building, which is among the few notable commercial assets in Murray Hill, is approximately 20 percent vacant, partly because Malkin is keeping space off the market as it looks to assemble offices suited to larger users.
LinkedIn, the social network for work professionals that boasts more than 187 million members across 200 countries, is expanding its New York office space in the iconic Empire State Building. The company has inked a 10-years lease for 40,781 square feet of space on the 23rd floor of the building, where it is reaching a total occupancy of 72,523 square feet. The asking rent for the new space was $51 per square foot.
Late last year, when the education publishing company Scholastic offered up about 60,000 square feet of sublease space at the top of the Soho office building 568 Broadway, the firm quickly found it wouldn’t be difficult to fill.
Within weeks, a host of tenants were competing for it, including several tech firms, one of the most active sectors of the leasing market in Manhattan right now. Tumblr, foursquare and AppNexus, all well-known names in the industry, moved to the front of the pack.
On the face of it, such a decision would seem easy. Of the three, only AppNexus, a firm that specializes in online advertising and is backed by the software giant Microsoft, is known to be profitable. But in a tech boom in which riches don’t always flow from the most likely sources, the deal for the space took a different turn.
The competition soon boiled down not to AppNexus but to Tumblr and foursquare, two companies that have become top brands in the new internet boom and have raised tens of millions of dollars in venture capital between them, but have yet to find income-producing platforms for their services.
LinkedIn is set to expand 10,400 square feet on the 24th floor in the Empire State Building.
“Their sales force is expanding in New York City and they are out of space on their main floor,” Sacha Zarba, a senior vice president ofCBRE explained.
LinkedIn initially moved into the building in 2010 and has maintained Read More
In what is perhaps every New Yorker’s worst fear, an elevator suddenly ascended as a woman was entering it, killing her and injuring two others.
The accident happened at some point around 10:30 A.M. inside 285 Madison —the soon-to-be former home of advertising giant Young & Rubicam.
The NY Post reports:
The victim, Read More