Yelp Expands at 100-104 Fifth Avenue
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.
Clarion Partners purchased the property in June of last year from Kaufman Organization and Invesco Real Estate for a reported $230 million and retained the Kaufman as the property’s exclusive leasing and managing agent. Kaufman and Invesco had purchased the property in 2010 for a reported $93.5 million, subsequently completing a $9 million capital improvement plan at the property, including upgrades to the lobby, buildings systems, elevators, security and HVAC.
Apple moved into the building in early 2011 and grew its presence to at least 45,000 square feet by the summer of 2011, and by early last year it stretched across floors six, 14 and 15.
Brazil-based Springs Global, a company that manufactures home furnishings, signed a 10-year lease for a 10,666-square-foot showroom at the building about one year ago; and New Hampshire-based outdoor footwear and apparel company Timberland reportedly signed a 9,500-square-foot, 10-year lease for a showroom in the building in 2012.
CBRE brokers Paul Milunec and Scott Gamber represented Yelp and Mr. Greenspan of the Kaufman Organization represented the landlord.