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

(Illustration by Oivind Hovland)

Why HFF has been muscling out some of JLL’s top producers

JLL CEO Christian Ulbrich (Credit: iStock)

JLL revenue skyrockets after HFF merger

WeWork co-CEOs Artie Minson, Sebastian Gunningham and Jones CEO Omri Stern (Credit: LinkedIn)

WeWork is investing again with fundraise for proptech

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

An aerial of 469 President Street, 473 President Street, 514 Union Street (Credit: Google Maps)

Avery Hall Investments buys Gowanus development site for $44M

70 Pine Street and Goldman Sachs chairman Lloyd Blankfein (Credit: Wikipedia and Getty Images)

Goldman Sachs refis Art Deco apartment conversion at 70 Pine with $386M loan

Jonathan Schwartz and Aaron Appel

Aaron Appel leaves JLL to launch own firm

Tom Brady (L) and Gisele Bundchen arrive at the 2018 Met Gala on May 7, 2018, at the Metropolitan Museum of Art in New York. (Angela Weiss/AFP/Getty Images)

Tom Brady, Gisele home shop in suburbs, North Jersey industrial site sells for $66M & more Tri-State real estate news