Business Insider looking for new 70K sf HQ

News website, last valued at $442M, scoping out Midtown South and Penn Station area

TRD New York /
May.May 19, 2016 02:20 PM

You’ll never believe what this media company that sold for hundreds of millions of dollars is up to.

Business Insider, the rapidly-growing news site known for its catchy headlines and aggressive coverage of the business world, is in the market for a new headquarters in New York City.

Sources said the company, valued at $442 million in September after German publisher Axel Springer bought a controlling stake in it, is looking for about 70,000 square feet, targeting Midtown South and the Penn Station area.

Business Insider currently occupies about 41,000 square feet at L&L Holding Company’s 150 Fifth Avenue in the Flatiron District. It subleases that space from music publisher EMI Group, whose net lease on the entire building is set to expire in 2018.

JLL’s Bill Peters, who is representing Business Insider in the hunt, did not respond to requests for comment.

L&L is said to have plans to reposition the Fifth Avenue building once EMI’s lease rolls. Business Insider, launched in 2007, first moved into the building in 2013 when it signed a sublease for a little more than 20,000 square feet.

Just a few months later the company took another full floor doubling its space, as The Real Deal originally reported, with both deals getting inked in the mid-$40s and mid-$50s per square foot, according to CompStak.


Related Articles

arrow_forward_ios
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali closes on large Williamsburg development site for $100M

Naftali closes on large Williamsburg development site for $100M
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women’s Forum of New York, iStock)

JLL slashes jobs in NYC capital markets group

JLL slashes jobs in NYC capital markets group
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women's Forum of New York)

JLL predicts coronavirus’ impact to extend past 2020

JLL predicts coronavirus’ impact to extend past 2020
Barry Gosin, Sandeep Mathrani and Christian Ulbrich

WeWork taps JLL, Newmark to help negotiate rent relief

WeWork taps JLL, Newmark to help negotiate rent relief
JLL President and CEO Christian Ulbrich & JLL Global Chief Financial Officer Stephanie Plaines (Credit: iStock, JLL)

JLL still riding revenue wave after HFF acquisition

JLL still riding revenue wave after HFF acquisition
Glenn Tolchin and Yoav Oelsner (Credit: Jll; Getty Images)

Former JLL brokers launch boutique sales firm

Former JLL brokers launch boutique sales firm
AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners
Clockwise from left: 168-170 Wythe Avenue, 115 North 6th Street and 129-133 Kent Avenue with L3 Capital's Domenic Lanni (Credit: Google Maps)

L3’s Williamsburg retail properties snag $91M refi

L3’s Williamsburg retail properties snag $91M refi
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...