LinkedIn bucks Midtown South tech trend, expands lease in the Empire State building

July 10, 2012 01:30PM

Only a year out from leasing the entire 25th floor of the Empire State building, the professional social networking company LinkedIn is expanding its 31,000-square-foot lease to 41,000 square feet, Crain’s reported. The Mountain View, Calif.-based tech firm will occupy an additional 10,000 square feet on the 24th floor of Midtown’s most iconic office building in a six-year lease, despite the popularity of Midtown South with tech firms.

“They were outgrowing their space,” Sacha Zarba, a CBRE Group broker representing LinkedIn, said. “They are being smart about real estate, making sure they take what they need and not taking more space too soon.” Newmark Knight Frank brokers William Cohen and Ryan Kass represented the building.

Malkin Holdings president and owner of the Empire State building Anthony Malkin stated that the asking rent was $51 per square foot, slightly below Midtown’s current $60.01 average asking rent for office space. [Crain’s]