After Successful IPO, Shutterstock Plans to Move Into Bigger Office Downtown
Fresh from a successful $120 million IPO, Shutterstock is making plans to significantly grow in Lower Manhattan.
The firm is in negotiations to lease two floors at 199 Water Street totaling about 70,000 square feet several sources familiar with the company say.
Shutterstock was begun a decade ago by the entrepreneur Jon Oringer as an online image and video repository aimed at undercutting more established rivals like Getty Images. Mr. Oringer grew the business by building a vast trove of content sourced from an open platform of online contributors. Late last month, the company was the first tech firm in the city since the recession to launch a successful public offering of its stock.
Shutterstock is currently located at the Downtown office building 60 Broad Street, where it occupies about 30,000 square feet, half of what it is in negotiations to take at 199 Water Street. The company is looking to take floors 14 and 15 in the deal at 199 Water Street. The new offices will allow the firm to space its operations on fewer floors than at 60 Broad Street, which has smaller 12,000 square foot floors. Being spread across fewer levels is generally considered a more efficient layout for tenants.
Asking rents for the space at 199 Water Street, which is owned by Jack Resnick & Sons, are in the mid $40s per square foot.
Paul Ippolito, a leasing executive at Newmark Grubb Knight Frank, is representing Shutterstock in its search and negotiations for space.
Mr. Ippolito did not immediately return a call seeking comment. An email to Shutterstock’s online-only press apparatus was not immediately returned. Executives at Jack Resnick & Sons also couldn’t be reached.