Tech firm to take up Aetna’s huge space at 61 Ninth Avenue

Yext will sublease all 143K sq ft from Aetna

TRD New York /
Apr.April 30, 2019 08:10 AM
Yext CEO Howard Lerman and 61 Ninth Avenue

Yext CEO Howard Lerman and 61 Ninth Avenue

Thank you, Yext.

Online brand management company Yext announced on Monday that it will be taking up all 142,500 square feet of office space at Aurora Capital Associates and Vornado Realty Trust’s 61 Ninth Avenue, which was abandoned by Aetna after its acquisition by CVS Health Group in 2017.

Yext was reported to be in talks to sublease the space from Aetna in December. The company’s initial monthly base rent will be about $1 million, and will increase to around $1.1 million in 2025.

This works out to an annual rent of about $93 per square foot after 2025, well below previously reported asking rents of $150 per square foot.

The Wall Street Journal first reported that the deal had closed.

Yext is currently headquartered at SL Green Realty’s 1 Madison Avenue, where its roughly 1,000 employees occupy about 100,000 square feet on the fifth floor. The firm says it aims to move to its new Meatpacking District headquarters next March, with plans to create 500 new jobs over the next five years.

SL Green is planning a major redevelopment of 1 Madison Avenue after Credit Suisse’s lease expires in December 2020. The plans include 18 new floors of office space, to be built as-of-right using air rights.

Starbucks opened a three-story Reserve Roastery at 61 Ninth Avenue in December. [WSJ] — Kevin Sun


Related Articles

arrow_forward_ios
Joe Moinian and 123 Linden Blvd. (Moinian Group)

These were the top outer borough loans in July

These were the top outer borough loans in July
Clipper Equity's David Bistricer (REIT)

David Bistricer’s Clipper Realty reports record Q2 profit

David Bistricer’s Clipper Realty reports record Q2 profit
Vornado CEO Steven Roth and a rendering of the Farley Post Office building (Getty, iStock, SOM)

Vornado will install facial recognition tech in all its buildings

Vornado will install facial recognition tech in all its buildings
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
arrow_forward_ios

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

Loading...