Gawker Media LLC, the prominent digital media company, has signed a 15-year 58,900-square-foot leasing transaction for three full floors at 114 Fifth Avenue in Midtown South. Gawker will house its New York City headquarters on the entire 2nd, 3rd and 4th floors of the century-old, 20-story tower.
Gawker, known for its brands like Gizmodo, Jezebel, Deadspin and several others, had over 125 million readers visit one of its sites last month. Gawker expects to relocate from 210 Elizabeth Street in SoHo to its new Flatiron District offices during the second quarter of 2015.
Jonathan Tootell, Jared Horowitz, Evan Foley and Justin Pollner of Newmark Grubb Knight Frank represented Gawker in the long-term transaction, which included a private entrance on 17th Street and features 17’ ceiling heights throughout the majority of the space. David Berkey and Andrew Wiener of L&L Holding Company represented the landlord in-house.
A building-wide redevelopment program is nearing completion, a transformation that began last year when L&L Holding acquired the 330,000-square-foot office tower in a joint venture with private equity firm Lubert-Adler. Enhancements to the property comprise new infrastructure, a glamorous new lobby, elevators, and a host of “green” initiatives, including a landscaped roof that will serve as a tenant amenity.
Over the last 12 months, L&L has brought 114 Fifth Avenue to over 80% occupancy, attracting a wide range of creative and technology tenants such as social media firm Mashable, Inc.; global payment giant Mastercard, Inc.; advertising agency AKQA; and news website First Look Media.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets. For further information, visit www.bgcpartners.com.