Yelp triples its space in Midtown South
The online reviews site Yelp has signed a deal to take an additional 20,000 square feet at 100-104 Fifth Avenue between 15th and 16th streets, the New York Observer reported. All together, the San Francisco-based company will occupy a total of 29,505 square feet and continue New York’s Midtown South tech explosion.
The building, which is owned by the Kaufman Organization and Invesco Real Estate, is 95 percent occupied and now has 20,000 square feet of remaining space, the Observer said. As The Real Deal reported yesterday, Kaufman was chosen to manage its former property at 130 Prince Street, which Invesco nabbed in May for $140 million.
The asking rent for Yelp, which previously signed a 9,505-square-foot lease in 2011, was $55 per square foot. Paul Milunec and Scott Gambler of CBRE represented Yelp in the deal, and Grant Greenspan of Kaufman represented building ownership.
“Since Yelp went public, they are experiencing explosive growth and we are glad to accommodate their need for additional office space,” Greenspan told the Observer in a statement. [NYO]