The online rating service Yelp has expanded its office presence at 100-104 Fifth Avenue to 70,000 square feet after a recent 10-year, 10,500-square-foot expansion. The two buildings are connected and allow tenants to combine spaces in each into larger floor plates, which Yelp has done in prior deals on the buildings’ second and fourth floors.
In the last three years Yelp has grown from taking just 10,000 square feet at the towers. Tech industry firms have fueled the increase in asking rents at 100-104 Fifth Avenue, which have doubled in the last few years to the $70s per square foot. Yelp’s deal is for the entire seventh floor. 100-104 Fifth Avenue has earned a Platinum certification under the WiredNYC rating system, a new building certification program that’s been dubbed “LEED for Broadband.”
Developed in a joint effort from various real estate, technology, and telecom industry players, the WiredNYC program will rate the broadband connectivity and infrastructure of – eventually, it hopes – nearly 500 New York City office buildings and aim to continue positioning Gotham as a technology industry hub. The Wired Certification ratings – from “Connected” through Silver, Gold, and Platinum – hope to assist tenants in making informed choices about the level of service in those buildings, as well as encourage and accelerate deployment of broadband technologies and create transparency about broadband infrastructure in the commercial real estate market. For landlords, WiredNYC presents an opportunity to market their buildings’ assets to tenants in a fiercely competitive market, particularly for the technology industry companies that continue to fuel much leasing activity, particularly along Silicon Alley.
Built in 1906, the 19-story neoclassical 100-104 Fifth Avenue was designed by Albert Gottlieb and was renovated in 1936. The Kaufman Organization sold the building in 2011 to Clarion Partners, which remains well-positioned for continued leasing success in the ongoing Silicon Alley tech sector office boom.