Red Ventures Consolidating Two NYC Offices in 23K SF on Fifth Avenue
By Nicholas Rizzi April 3, 2019 5:59 pm
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Technology and digital marketing firm Red Ventures will move two of its subsidiaries—Bankrate and The Points Guy—under the same roof at a Union Square office tower, brokers on the deal confirmed.
Red Ventures signed a more than seven-year lease for 23,000 square feet on the entire 16th floor and part of the 17th floor of Clarion Partners’ 100-104 Fifth Avenue between West 14th and West 15th Streets, The New York Post first reported.
The space also includes a private roof deck. Asking rent was $100 per square foot, a spokesman for the Kaufman Organization, which brokered the deal for the landlord, said.
Red Ventures plans to ditch Bankrate’s offices at Rudin Management Company’s 1675 Broadway and The Points Guy’s space at the Feil Organization’s 251 Park Avenue South and relocate to the 17-story 100-104 Fifth Avenue in November, the Kaufman spokesman said.
“The property’s institutional ownership and management, convenient location, modern design and advanced technology infrastructure make the property an ideal location for growing tech and marketing firms, such as Red Ventures, to continue expanding their businesses in one of the most sought-after office markets in the country,” Grant Greenspan, a principal at Kaufman who brokered the deal with Michael Kaufman, said in a statement.
John Cefaly, Nicholas Dysenchuk, Evan Algier, Thomas Ross and Brian Decillis of Cushman & Wakefield (CWK) represented Red Ventures in the deal.
“This highly desirable Union Square/Flatiron District location, combined with dramatic views of Lower Manhattan and an interconnecting stairway makes this office space truly unique,” Decillis said in a statement. “When renovations are completed in the fourth quarter of 2019, this office will be a world-class showpiece and a vibrant new home for The Points Guy and Bankrate.”
Red Ventures will join software giant Adobe Systems, yelp and online fashion retailer Net-a-Porter in the 270,000-square-foot Fifth Avenue edifice.
