NEW YORK CITY—11 Madison Ave. is on a roll, landing Yelp as its latest tenant. The online customer review portal has signed a 10-year lease for 151,200 square feet, according to the New York Post. Yelp joins William Morris Endeavor—which signed on at the office tower just last week for 70,000 square feet, along with Credit Suisse and Sony.
Yelp was represented by Scott Gamber and Paul Milunec of CBRE. Eleven Madison was represented by the same firm's Brad Gerla and Howard Fiddle. CBRE declined to comment to GlobeSt.com. The tenant will more than double in size from its current 60,000 square feet 10 blocks away at 100-104 Madison and W. 15th Street, where it has approximately eight years left on its lease.
The building, owned by Alex Sapir and Rotem Rosen of the Sapir Organization along with the CIM Group, has just one floor left to lease in the 2.35 million-foot tower overlooking Madison Square Park. The deal gives Yelp the entire 14th and 16th floors, and the company reportedly also intends to use a 14th floor setback for outdoor space. The building has an average rent in the $80s per foot, the Post reports.
It was unclear whether Yelp will try to sublease its current space. Apple also is a tenant in the building.
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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.
