In a move seemingly antithetical to its mission, link-shortening company Bitly is expanding to a new space at Thor Equities’ 139 Fifth Avenue in the Flatiron District.
Bitly signed on for 11,000 square feet on the top two floors of the building. CBRE’s David Kleinhandler and Michael Politi represented them, while a Cushman & Wakefield team of John Fitzsimmons, Ethan Silverstein and Mark Mandell represented Thor Equities.
Asking rents in the neighborhood for comparable space run $70 per square foot, according to the New York Post.
Bitly currently occupies about 8,500 square feet at nearby 85 Fifth Avenue, located one block from Union Square. The company expects to make the move in August.
The Landmarks Preservation Commission recently approved Thor’s residential conversion of 212 Fifth Avenue, a few blocks north of Bitly’s new space. [NYP, 2nd] – Rey Mashayekhi