Recently, LinkedIn continued its impressive expansion run at the Empire State Building by signing on for the entire 22nd floor – an additional 31,000 square feet – bringing its total footprint at the iconic tower to nearly 110,000 square feet. The company’s increasing presence in the building continues to make it an attractive option for other technology and media sector tenants who are looking for space in the Midtown South submarket.
Initially in 2011, it was the tower’s green features and capital improvement program that were “key” to attracting LinkedIn’s initial 25,000-square-foot lease for the tower’s entire 25th floor. But the professional networking site has been so pleased with its experience at the world’s most famous office building that it’s been expanding ever since. “The building has worked for them better than anyone could have imagined,” a LinkedIn spokesperson told Lois Weiss, who reported the deal in the Post last month. “Their cards don’t say ‘350 Fifth,’ they say ‘Empire State Building.’”
The Empire State Building is now completely leased up to its 25th floor: joining LinkedIn are Li & Fung USA, the FDIC, Coty, the World Monuments Fund, and Shutterstock. Asking rents above 25 are in the mid-$50s per square foot, with a full block of floors from 55 to 58 becoming available this summer.
LinkedIn’s expansion came just before New York County Supreme Court Justice Peter Sherwood approved Malkin Holdings’ controversial plan to covert ownership in the Empire State Building into a publicly traded REIT, which could have positive implications for the landlord’s ability to continue implementing advanced building technologies at the iconic tower more generally.
The 2.9-million-square-foot Empire State Building, of course, is both LEED Gold-certified under Existing Buildings: Operations & Maintenance and Energy Star-rated; its retrofit program also included refurbishing all 6500 of its windows and modernizing all 68 elevators (making them 30-percent more efficient and able to send excess energy back into the building’s electrical grid).