NEW YORK CITY-In good news for the Empire State Building—a change from talk of lawsuits—it was announced Tuesday that Shutterstock has leased approximately 85,000 square feet for a new headquarters at the iconic edifice.
The deal was brokered by Newmark Grubb Knight Frank's Paul Ippolito, EVP, representing the tenant, while William Cohen, EVP and Ryan Kass, senior managing director, represented the landlord. Attorneys for the transaction were Steven Korenblat of Bryan Cave L.L.P. for the tenant, and David Bleckner and Ian Lester, of David Bleckner, P.C., representing the building.
The global image online concern will relocate from 60 Broad St. later this year, under the terms of an 11-year lease, says the announcement, which was made by Anthony Malkin, president, Malkin Holdings, which operates the building. The tenant will occupy the entire 20th and 21st floors.
The Empire State Building has been on something of a leasing roll in recent years. It signed a new lease expanding the space of an existing tech tenant, LinkedIn, by over 31,000 square feet just last month and, back in 2011, the Malkins inked a whopping expansion for beauty company Coty Inc. of more than 110,000 square feet. Those agreements came on the heels of a $550 million restoration of the building, where office space previously was looking a bit tired.
Shutterstock executives appear to have taken notice. “The Empire State Building has transformed into an ideal setting for Shutterstock's innovative tech culture,” says founder and CEO Jon Oringer. “It's an icon of New York and we're excited to make the move.”
Malkin underscores the Empire State Building's name recognition. “'Empire State Building' is an address that is known worldwide, you don't even have to put the street or city address on your business cards,” he says in the release. “Everyone knows where you are.”
In recent days, the Empire State Building has been in the news because of plans by the Empire State Realty Trust, a REIT comprised of the Empire State Building and 20 other properties to take the building's ownership public. Some shareholders are against the plan but, as recently as last week, the dissident group lost a lawsuit seeking to block the IPO.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
