Business Insider looking for new 70K sf HQ

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

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
JLL CEO Christian Ulbrich (Getty)

JLL says hasn’t seen “anything worth spending our…money on” after reportedly passing on Cushman

JLL says hasn’t seen “anything worth spending our…money on” after reportedly passing on Cushman
JLL CEO Christian Ulbrich and CBRE CEO Bob Sulentic (Getty; CBRE; Pixabay)

JLL, CBRE keep cutting as recovery drags

JLL, CBRE keep cutting as recovery drags
Brock Emmetsberger, Tom Gammino and Will Suarez (JLL)

JLL makes cuts to I-sales team

JLL makes cuts to I-sales team
The Vitre at 302 East 96th Street with Wonder Works Construction's Joseph Klaynberg and Daniel Klaynberg (Google Maps; Wonder Works)

Wonder Works’ UES condo being shopped at foreclosure sale

Wonder Works’ UES condo being shopped at foreclosure sale
The Real Deal founder and publisher Amir Korangy and Massey Knakal founder Bob Knakal

JLL’s Bob Knakal on the future of New York

JLL’s Bob Knakal on the future of New York
Former JLL employee sues alleging toxic “boys club”

Former JLL employee sues alleging toxic “boys club”

Former JLL employee sues alleging toxic “boys club”
JLL CEO Christian Ulbrich (Ulbrich by Jemal Countess/Getty Images for Women's Forum of New York)

JLL profits halved by pandemic

JLL profits halved by pandemic
(iStock)

Look out below: Major real estate services firms brace for falling earnings

Look out below: Major real estate services firms brace for falling earnings
arrow_forward_ios

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

Loading...