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Columbia Property's 315 Park Ave Lands Another Tenant


Yet another TAMI tenant is moving to a century-old building

Bustle and Romper's parent company, BDG Media, signed a 10-year, 34k SF lease at Columbia Property Trust’s 315 Park Ave South (pictured).

The two websites, which target Millennial women and moms, are moving their HQs to the 11th and 12th floors of the 20-story, 332k SF Class-A office tower. The lease replaces part of Credit Suisse's 175k SF office, which the group is vacating as its lease expires this April.

After acquiring the century-old tower from Spear Street Capital for $354M in January 2015, Columbia hired L&L Holding Co to manage and lease the building and has invested in a capital improvements program expected to wrap up in 2017.

Improvements include new building entries, a refinished lobby, improved storefront glass and a club entrance for a new Equinox location. The luxury fitness club signed a 20-year, 44k SF lease last January for another portion of Credit Suisse’s space, and is building four exercise studios, a spa, retail space and a lounge across the building’s second, third and fourth floors.

The renovated tower has also attracted Oracle and YouTube channel aggregator Fullscreen, which signed a 17k SF lease in September 2015.

Transwestern’s Rory Murphy, Jonathan Tootell and Lindsay Ornstein repped Bustle, with L&L’s David Berkey, Andrew Wiener and David Young repping Columbia. Asking rents currently hover around $80 to $90/SF.