NEW YORK—Yelp has signed a seven-year, 20,000-sq.-ft.expansion at its space at 100-104 Fifth Avenue. The company will now occupy a total of 29,505 sq. ft. of space at the property.
The Kaufman Organization, in a joint venture with Invesco Real Estate, acquired the building in 2010 and has repositioned it to attract new digital and creative companies. Terms of the lease were undisclosed.
Grant Greenspan of the Kaufman Organization represented ownership, while Paul Milunec and Scott Gamber of CB Richard EllisServices represented the tenant.
Yelp is an interactive Web site that connectswith local businesses. The company averages approximately 71 million unique visitors per month. Founded in San Francisco in 2004, Yelp has a presence in the U.S., Europe and Canada.
Built in 1905, 100-104 Fifth Avenue is a 17-story, 270,000-sq.-ft. building located in Union Square.
Kaufman Organization and Invesco recently repositioned 100-104 Fifth Ave. through a capital improvement program totaling approximately $9 million, which included modernizing the lobbies, elevators and installing telecommunication amenities.
The building is currently 95 percent occupied.