Bustle Parent Company Expands HQ to 51K SF in Midtown South
By Liam La Guerre October 6, 2017 1:32 pm
reprints
BDG Media, the parent company of online publications Bustle, Romper and Elite Daily, is expanding its headquarters at Columbia Property Trust’s 315 Park Avenue South by an additional 17,050 square feet, Commercial Observer has learned.
The company currently houses Bustle and Romper’s employees in 34,100 square feet—comprising the entire 10th and 11th floors—of the Midtown South building between East 23rd and East 24th Streets. The new lease will give BDG Media the entire 12th floor, bringing BDG’s footprint in the 20-story, 331,000-square-foot building to 51,150 square feet, according to information provided by the landlord.
BDG moved into the building last year, as CO reported at the time. The asking rent for the 12th floor space was $80s per square foot, according to a source with knowledge of the deal. BDG’s new lease runs concurrent with the previous deal, expiring in 2028.
“BDG Media’s expansion serves as further validation of our efforts to reposition 315 Park Avenue South as the premier Midtown South office destination for New York’s most cutting-edge creative companies,” Adam Popper, a senior vice president at Columbia Property Trust, said in a prepared statement.
Andrew Wiener and David Berkey of L&L Holding Company, which leases and manages the property for Columbia Property Trust, handled the deal for the landlord. Transwestern’s Rory Murphy, Lindsay Orenstein and Jonathan Tootell brokered the transaction for BDG. A spokeswoman for Transwestern did not immediately return a request for comment.
Columbia Property Trust, a publicly traded real estate investment trust based in Atlanta, purchased 315 Park Avenue South for $353.9 million in January 2015, as CO previously reported.
The landlord is currently finishing a renovation of the building that includes an updated lobby, upgrades to the facade and the construction of a separate entrance on East 24th Street for Equinox. A spokeswoman for Columbia Property Trust declined to disclose the price of the renovation, which is expected to be completed by the end of the year.
