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Five stars, would rent again: Yelp expands at SL Green’s 11 Madison
Review website signs 40K sf lease, bringing footprint to 192K sf
11 Madison Avenue just got the real-world equivalent of a five-star review. Yelp is expanding its offices at SL Green Realty and PGIM Real Estate’s tower by 40,000 square feet.
The online review platform’s new seven-year lease for part of the 17th floor brings its total footprint in the tower to 192,000 square feet, Commercial Observer reported. Following the deal, which came with an asking rent of $95 per square foot, the building is now fully leased, according to SL Green’s Steve Durels.
SL Green bought the 2.3 million-square-foot building from the Sapir Organization and CIM Group for $2.6 billion in 2015. Last year, it sold a 40 percent stake in the building to PGIM, Prudentials’ real estate subsidiary.
CBRE represented Yelp in the lease deal, while SL Green was represented in-house.
On the ground floor, one of the world’s most celebrated restaurants, the Michelin starred Eleven Madison Park, is temporarily closed for renovations. It has 4.5 stars on Yelp. [CO] — Konrad Putzier