The Real Deal New York

Yelp grows to 70,000 square feet at Union Square digs

Business-review website began with less than 10,000 square feet
March 18, 2014 04:19PM

San Francisco-based business-review specialist Yelp is spreading out in the Midtown South space it leases from Clarion Partners.

The company has inked a 10-year agreement snapping up the rest of the seventh floor at 100-104 Fifth Avenue in Union Square, adding 10,500 square feet to its current space, Crain’s reported.

Yelp started with under 10,000 square feet, but now takes up a total of about 70,000 square feet in the building, having expanded multiple times. Asking rents were in the $70s per square foot, nearly double the high $40s per square foot that the firm paid three years ago, according to Crain’s.

Grant Greenspan of the Kaufman Organization represented the landlord and Paul Milunec and Scott Gamber of CBRE represented the tenant in the deal.

Clarion bought the 270,000-square-foot building last year from Kaufman for $225 million, about $800 per square foot, as The Real Deal previously reported. [Crain’s]Angela Hunt