Bitly Inks Deal for Larger Office in Flatiron District [Updated]
Terence Cullen June 17, 2015, 12:05 p.m.
The company known for creating short links is taking a larger cut of office space for its headquarters.
Bitly, which compacts website links for sharing on social media and messages, inked a deal for 11,000 square feet at 139 Fifth Avenue between East 20th and East 21st Streets, according to landlord Thor Equities. The tech firm is taking the fifth and sixth floors of the six-story building.
“Situated on a prime Flatiron block filled with trendy and innovative office tenants, 139 Fifth Avenue is the ideal location for Bitly and other leading technology companies,” said Adam Rappaport, the vice president of office leasing at Thor, in prepared remarks.
David Kleinhandler and Michael Politi of CBRE represented Bitly in the deal, while John Fitzsimons, Ethan Silverstein and Mark Mandell of Cushman & Wakefield represented Thor. Brokers for the landlord were not immediately available for comment.
The new lease gives Bitly about 2,500 square feet more than the current 8,500 square feet it currently occupies at 85 Fifth Avenue, per a Thor spokesman. Bitly is slated to move into 139 Fifth Avenue some time in August.
Bitly’s lease at 85 Fifth Avenue was running out by the end of the year, but the company wanted to stay in the Flatiron District while expanding its office size, the tenant’s brokers told Commercial Observer. The company found a good fit at 139 Fifth Avenue, which will let the company grow while attracting talent already in the area, they added. Part of the upgrades before move-in includes a staircase to link the two floors Bitly will occupy.
“Their employees are comfortable in that area,” Mr. Kleinhandler said. “They’re making it a comfortable space to work in, but also a productive space.”
The Thor spokesman declined to provide asking rents and specific terms of the lease, but described it as “longterm.” Asking rents for comparable office space in the area are $70 per square foot, he added.
Update: This story was edited to include comments from the tenant’s brokers.