Shutterstock, Inc. (NYSE: SSTK), a rapidly growing global image marketplace on the Internet, has leased approximately 85,000 square feet for a new headquarters at the Empire State Building, reports Anthony Malkin, president of Malkin Holdings, L.L.C., which supervises The World’s Most Famous Office Building.
Shutterstock will relocate from 60 Broad Street later this year, under the terms of an 11-year lease. The tenant will occupy the entire 20th and 21st floors.
“The Empire State Building has transformed into an ideal setting for Shutterstock’s innovative tech culture,” said Shutterstock’s founder and CEO Jon Oringer. “It’s an icon of New York and we’re excited to make the move.”
Founded in 2003, Shutterstock went public on the New York Stock Exchange last fall.The firm licenses images and video footage to customers in more than 150 nations and 18 languages, describing itself as “a two-sided marketplace (whose) mission is to connect creative professionals with the best photos, vectors, illustrations and video from thousands of contributors around the world.”
The firm offers its subscribers more than 25 million royalty-free stock images.
Shutterstock joins a growing roster of important companies, including international fragrance giant Coty, the Federal Deposit Insurance Corp., the American arm of global Hong Kong-based trading firm Li & Fung, LinkedIn, and the Sweden-based construction management firm Skanska. Coty and LinkedIn have both expanded their presence at the Empire State Building.
“We seek great companies with strong business models who appreciate the Empire State Building’s iconic, world-class interactive business environment, which combines modern technology with sustainable, energy-saving building systems and amenities, such as a tenant-only fitness and conference centers, multiple in-building dining options including a white-tablecloth restaurant with private dining rooms all coming in late 2013,” says Mr. Malkin.
“‘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… everyone knows where you are,” he adds.
The Shutterstock deal was brokered by Newmark Grubb Knight Frank, with Paul Ippolito representing the tenant, and William Cohen and Ryan Kass representing the landlord.
Attorneys for the transaction were Steven D. Korenblat of Bryan Cave L.L.P. for the tenant, and David J. Bleckner and Ian Lester, of David J. Bleckner, P.C., representing the building.
About the Empire State Building
Soaring 1,454 feet above Midtown Manhattan, the Empire State Building is the World’s Most Famous Office Building. With new investments in energy-efficiency, building-wide infrastructure upgrades, public areas and amenities totaling more than $550 million, the Empire State Building has attracted and continues to attract corporate office tenants in a diverse array of industries from around the world.
The Empire State Building also has taken a leading role in sustainability, partnering with the Clinton Climate Initiative, Rocky Mountain Institute, Johnson Controls and Jones Lang LaSalle to develop an innovative process for a comprehensive energy efficiency retrofit program that will reduce the building’s total energy consumption by 38% and that has led the building to receive an Energy Star rating of 80, placing it in the top 20% in energy efficiency among all buildings measured under the Energy Star program. The energy retrofit program that contributed to the Energy Star designation was also an important element in receiving the LEED-EB Gold certification from the United States Green Building Council.
The Empire State Building’s upgrades - planned and completed - include a comprehensive restoration of the Art Deco lobby and ceiling, along with the creation of four dedicated tenant entrances, visitor desk and access control, messenger center, new restrooms, air-conditioned public corridors, brand-new Otis Destination Dispatch Control elevators, new marble elevator cabs, 6,500 windows rebuilt on site for greater energy efficiency, improvements to the building-wide mechanical and electrical systems, and improved security systems. Tenants also enjoy the benefits of a campus environment within the city, with banking, an AT&T store, several dining options, and (coming in 2013) a tenants-only fitness center and conference center, and a white-tablecloth restaurant with private rooms.
The flagship of the W&H Properties’ Pre-War Trophy office portfolio, theEmpire State Building is supervised by Malkin Holdings LLC, one of New York City’s most financially stable ownerships. High-end pre-built office suites from 3,000 to 7,500 square feet are available throughout the building, along with fully white-boxed partial and full floors ready for tenant build-out from 10,000 square feet, and over 104,000 square feet of contiguous tower space available on floors 55 to 58. Broker commissions are paid in full at lease signing.
Shutterstock is a leading global provider of high-quality licensed photographs, vectors, illustrations and videos to businesses, marketing agencies and media organizations around the world. Headquartered in New York City, Shutterstock works closely with its growing contributor community of photographers, videographers, illustrators and designers to curate a global marketplace for royalty-free imagery. Shutterstock adds tens of thousands of rights-cleared images each week, and with more than 25 million files currently available, the Company recently surpassed 300 million image downloads. Shutterstock also owns Bigstock, a value-oriented stock media agency.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, Newmark Grubb Knight Frank’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark Grubb Knight Frank is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.