Business Insider to double up at L&L’s 150 Fifth Ave.

News website set for 20,000 sf expansion
By Hiten Samtani | May 14, 2014 12:00PM

Business Insider is in advanced discussions to take another full floor at L&L Holdings’ 150 Fifth Avenue, The Real Deal has learned. The 20,646-square-foot expansion will give the business and technology news website, which mixes reporting with Buzzfeed-esque slideshows, more than 41,000 square feet at the Midtown South building.

JLL’s Sean Black and Bill Peters are representing Business Insider, while CBRE’s Ross Zimbalist is representing the sublandlord Universal Music Group, which has leased the entire building from L&L. Rents for the latest deal are in the mid-$50s per square foot, according to a source familiar with the discussions. It is unclear which floor the website will be taking.

The expansion comes just a few months after Business Insider made its debut in the building with a deal for the entire eighth floor.

The JLL brokers declined to comment, while Zimbalist couldn’t be reached. A representative for L&L couldn’t immediately be reached.

L&L, headed by David Levinson and Robert Lapidus, has been buying up a number of properties in Midtown South and repositioning them to attract tech and media tenants. The landlord’s recent signings include Mashable  and Mastercard at 114 Fifth Avenue.