LinkedIn Expanding Its Empire State Building Office Lease
LinkedIn is expanding at the Empire State Building, adding 30K SF to its huge lease.
This is the sixth time the company has expanded its space in the storied property, and, with this new deal inked, it will have almost 313K SF there, the New York Post reports. The new lease is for the entire 27th floor, which will unify LinkedIn's spaces from the 22nd to 28th floors of the 102-story building. The social network also has 90K SF on the third floor.
The asking rents were $72 per SF. Other tenants in the building include Vanguard Construction & Development, which last year signed a 15K SF sublease deal there, and Shutterstock, a company that licenses music and photos to businesses.
Office landlords of the city’s older buildings are faced with increasing pressure from new construction, for which tenants are increasingly opting. At the Empire State Building, the landlord, Empire State Realty Trust, has built an “interior campus” that has a 15K SF gym, a conference center and in-building restaurants. Tenants there have required the landlord to be flexible about their space needs as they grow.
“We may need to knock down 50 walls and put in glass," Shutterstock Head of Global Facilities Razia Ferdousi-Meyer told Bisnow earlier this year, when interviewed about looking for office real estate. "They need to step out of the old, suit-and-tie way of thinking and know how to take care of us as a client.”
CBRE’s Sacha Zarba and Lauren Crowley Corrinet represented LinkedIn. Empire State Realty Trust was represented by Thomas Durels, Ryan Kass and Shanae Ursini. The lease ends in seven and a half years, concurrent with the rest of LinkedIn's space.