The Real Deal New York

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News and entertainment website takes lease at 225 PAS, gets $4M state tax break

December 18, 2014 08:35AM

From left: 225 Park Avenue South and Jonah Peretti

From left: 225 Park Avenue South and Jonah Peretti

OMG! LOL! Win: BuzzFeed, the popular website known for its lists, quizzes and extensive use of GIFs, inked a lease at 225 Park Avenue South.

Asking rent in the building is $85 per square foot and up, according to Crain’s.

BuzzFeed received a $4 million tax break from the state in the deal. That incentive is linked to the company’s creation of 475 jobs and the retention of current positions for five years, according to the magazine.

Newmark Grubb Knight Frank’s Brian Waterman and Andrew Peretz represented the building, according to the newspaper, and Olmstead Properties’ Steven Marvin represented BuzzFeed.

Last month, the company signed a 43,000-square-foot sublease on the sixth floor of 40 West 23rd Street from AppNexus. Last year, BuzzFeed signed a two-year sublease for roughly 58,000 square feet from Tiffany at 200 Fifth Avenue.[Crain’s] — Claire Moses

  • InvestorWaitingForABubble

    Its unfortunate and unwise that these “cool” & “hip” companies are wasting money on rent. They have a bright future ahead of them and they should focus on reinvestment and expansion of their business, not a prestigious “Park Avenue” address..

    • HitenSamtani

      Hey there, it’s very likely the $4M in tax breaks make this an extremely affordable deal for them. The city is also trying to position the area as Silicon Alley, so it’s in their interest to keep BuzzFeed in a high-profile location. Plus PAS doesn’t have the same cachet as Park Ave proper.

      Regards,
      Hiten

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