A year ago, the Empire State Building’s green features and capital improvement program were “key” to attracting LinkedIn and securing the professional social network’s 25,000-square-foot lease for the tower’s entire 25th floor. Now, the Mountain View-based company is expanding by an additional 10,000 square feet into the floor below. The deal is for six years starting next February and will bring LinkedIn’s total presence at the world’s most famous office building to 41,000 square feet.
“Malkin’s green initiatives for the building and branding opportunity of being [at the building and its] access to public transportation is ideal for [us],” a LinkedIn spokesperson told Crain’s. According to Tony Malkin, other technology and new media tenants are following LinkedIn’s lead and – surprisingly – heading north out of Silicon Alley. “These firms know how happy LinkedIn is at the Empire State Building, and that makes an impression,” he told Real Estate Weekly. “We’re now very much on the radar of [these] sectors.”
As we’ve discussed frequently here at gbNYC, the 2.9-million-square-foot Empire State Building is both LEED Gold-certified under Existing Buildings: Operations & Maintenance and Energy Star-rated; its retrofit program also included refurbishing all 6500 of its windows and modernizing all 68 elevators (making them 30-percent more efficient and able to send excess energy back into the building’s electrical grid).
Asking rents for LinkedIn’s 24th-floor space were approximately $51 per square foot. For its 25th-floor space, LinkedIn is paying in the high $40s per square foot over a 7-year term.