LinkedIn’s continued and increasing presence at the Empire State Building could have repercussions for technology and media industry tenants that are looking for space throughout the Midtown and Midtown South submarkets.
As Malkin Holdings moves forward with its plan to convert ownership in the Empire State Building into a publicly traded REIT, the image licensing company Shutterstock has signed an 80,000-square-foot lease across two entire floors at the iconic tower.
The number 11 office address has been kind to recent commercial leasing activity in Midtown, with major renewal and retail deals finalized at 11 Penn Plaza and 11 Times Square, respectively.
Pending a final hearing on May 2, a New York County Supreme Court judge has given his preliminary approval for Malkin Holdings’ plan to convert ownership in the Empire State Building (and 18 other properties) into a publicly traded real estate investment trust.
As the Midtown South submarket’s appeal – and asking rent – increases, technology industry tenants are finding more affordable opportunities just to the north in the diversifying Garment District.
A year ago, green was the “key” for LinkedIn’s 25,000-square-foot lease at the world’s most famous office building. Now, the social network is expanding by 10,000 square feet in a 6-year deal that will start next February.
Malkin Holdings could soon capitalize on investors’ appetite for a slice of New York City commercial real estate after recently announcing plans for a publicly traded REIT called Empire Realty Trust.