BuzzFeed takes 110K sf in Times Square move
Company signs Monday.com for Gramercy sublet
UPDATED, Aug. 24, 2022, 1:40 p.m.: BuzzFeed is picking up and moving across town.
The media company is relocating to Columbia Property Trust’s 229 West 43rd Street, the Commercial Observer reported. BuzzFeed is keeping its footprint in the move to Times Square, where it signed for just under 110,000 square feet.
The move is a corporate consolidation for BuzzFeed. The company’s subsidiary, Complex Networks, already occupies space in the former headquarters of The New York Times; BuzzFeed acquired Complex last year for $300 million.
BuzzFeed isn’t leaving Orda Management empty-handed at 225 Park Avenue South. In an even larger deal, Crain’s reported the company is subletting its entire space at the building to project management program developer Monday.com.
The company went public in December as part of a special purpose acquisition company, but has since shed 80 percent of its value and reported losing $23.6 million in the second quarter, Crain’s reported. CEO Jonah Peretti said in an Aug. 13 earnings call the company would “reduce our real estate footprint,” as part of cutting costs.
The subletting of floors 13 through 16 at the building will begin at $757,000 per month and there will be monthly increases from there. The sublet agreement isn’t set to expire until May 2026.
Monday.com is set to make its move next month, relocating from its office space at 34 West 14th Street.
The brokers for BuzzFeed’s Times Square lease weren’t disclosed. Savills’ Jim Wenk and Kirill Azovtsev were among those representing Monday.com in its sublease, while CBRE’s Jason Frazier and Jesse de la Rama were part of the team representing BuzzFeed.
Orda remains the landlord at the Park Avenue South building, despite putting it on the market in 2019. The firm was looking to sell the 675,000-square-foot Midtown South property for $800 million after more than 60 years of ownership.
Manhattan office leasing is coming off its best month since the start of the pandemic, according to Colliers. The hottest market was Midtown, where available office space declined for the fifth straight month.
Correction: A previous version of this story said BuzzFeed was taking 60,000 square feet at 229 West 43rd Street. The company is taking 107,000 square feet.
— Holden Walter-Warner