Ratings and reviews website Yelp has reportedly added 10,500 square feet to its space at 100-104 Fifth Avenue with a 10-year lease covering a total of roughly 70,000 square feet at rents in the $70s per square foot.
The additional space covers the entire seventh floor of the 17-story, 277,412-square-foot building, which is made up of two contiguous buildings, built in 1906 and 1911. As it did previously, elsewhere in the building, Yelp enjoys the option of “being able to knock down the wall and join two groups together,” Grant Greenspan, a principal with building manager Kaufman Organization told Crain’s, which first broke news of the lease.
For Riggs Kubiak, the appeal of real estate lay in its tangibility.
“Working with things that you can touch, feel, walk into and experience,” he said, “was more exciting to me than dealing with synthetic collateralized debt obligations.”
Mr. Kubiak, 32, got his start in the industry renting apartments while he was an undergraduate at Boston College. And, following stints at Ernst & Young and Granite Partners, he rose to become the global head of sustainability at Tishman Speyer, where he worked for five years.
Now he’s the chief executive officer of Honest Buildings, a website he co-founded with his sister, Garrett Kubiak, and Cody Roberts that connects building owners and tenants with brokers, contractors and other real estate professionals in a bid to bolster transparency and hasten innovation in construction, design and other fields.
Brazil-based Springs Global, a company that manufactures home furnishings, has signed a 10-year lease for a 10,666-square-foot showroom at 100-104 Fifth Avenue. Asking rent was $60 per square foot.
Springs Global is moving from a neighboring building where it will sublease its space. 100-104 Fifth Avenue is jointly owned by the Kaufman Organization, also the landlord, and Invesco Real Estate. The lease was reported yesterday by Crain’s.
Douglas Elliman Retail Group Chairman Faith Hope Consolo and Executive Vice President Joseph Aquino are marketing the adjacent retail spaces at 102 and 104 Fifth Avenue in the Flatiron District.
The 4,000-square-foot 102 Fifth Avenue will soon be vacated by Mesa Grill, celebrity chef Bobby Flay‘s 22-year-old Southwestern restaurant, whose possible closure Zagat first reported nine months ago. The 150-seat restaurant was due to shutter today, but the landlord gave it a 90- to 120-day extension.
The women’s clothing and accessories chain Arden B. already closed at the 2,200-square-foot 104 Fifth Avenue. Combined, the stores have 60 feet of frontage.
“Right now we’ve got a half-dozen offers and we haven’t said yes to anybody,” Mr. Aquino said. “A couple of restaurants want to take Mesa Grill, another two want to take all of both spaces for retail and another two are interested in the former Arden B.”
Yelp, the user-generated review site, has signed a 7-year lease to take an additional 20,000 square feet at 100-104 Fifth Avenue, The Commercial Observer has learned.
All told, the San Francisco-based tech company will be occupying 29,505 square feet in the building, which is jointly owned by The Kaufman Organization and Invesco Real Estate.
Yelp signed a 9,505 square foot lease in the Fall of 2011.
If you’re a tech firm that has a workforce in its 20s that regularly eschews walking to meetings in favor of Razor scooters or Segways, landlords across the country have the hots for you.
The wave of tech tenant leasing deals in Midtown South continues.
Knewton Inc., a provider of sophisticated online-based learning and education programs for students and test takers, has signed a 16,000-square-foot lease at 100-104 Fifth Avenue, an office building owned by the Kaufman Organization. The term of the deal, which is for the 20-story building’s entire eighth floor, stretches ten years. Asking rents for the space were $55 per square foot.
Lease of the Week
As the old adage goes, you only have one chance to make a first impression.
For Infor, a business software company whose roster of 70,000 clients – Saab, AB World Foods, Foxwood Casinos, et al – are far more recognizable than they are, moving into New York City’s growing tech market is as good as telling the world you’re ready to play with the big boys.
Infor signed a long-term lease at 641 Avenue of the Americas, an eight-story building owned by Atlas Capital Group, officials announced earlier today.
Right from the gate, the Invesco Real Estate-Kaufman Organization partnership behind 100-104 Fifth Avenue followed a simple motto: Go big on tech or go home.
Since acquiring the building in January 2011, the Kaufman Organization has leased 100,000 square feet to new tech tenants, including 45,000 square feet to Apple’s iAd mobile advertising unit.
“We’ve been on a tear,” said Grant Greenspan, a principal at the Kaufman Organization.