Online Publication for Women Inks 34,100 SF Deal for Two Floors of Premier Midtown South Building
Columbia Property Trust, Inc. signed digital media publisher, BDG Media, Inc. to a 10-year lease for two floors totaling 34,100 square feet at 315 Park Avenue South in Manhattan. This lease replaces a portion of the Credit Suisse lease which expires in April 2017.
BDG Media, Inc. is the parent company of rapidly growing online publications Bustle and Romper. Bustle is the largest digital property targeting millennial women and Romper is the first digital media property for millennial moms. Bustle & Romper will move their headquarters to the 11th and 12th floors of the 20-story, 332,000-square-foot, Class-A office building. Transwestern’s Rory Murphy, Jonathan Tootell and Lindsay Ornstein represented Bustle in the transaction.
“Since acquiring 315 Park Avenue South in 2015, we have invested significantly in a capital improvement program to position it as a best-in-class option in Midtown South,” said Adam Popper, Senior Vice President - Eastern Region, Columbia Property Trust. “We are pleased to welcome BDG Media, who was drawn to the building’s thoughtful upgrades and modern feel, as well as its desirable Midtown South location.”
Built in 1910, 315 Park Avenue South is located on a prominent corner at 24th Street, one block east of Madison Square Park. Columbia has engaged L&L Holding Company, LLC, which includes the leasing team of David Berkey, Andrew Wiener and David Young, to help manage and lease the property. Together, Columbia and L&L are performing a building-wide renovation that includes new building entries, a refinished lobby, and improvements to the storefront glass, as well as construction of a separate club entrance on 24th Street for a new Equinox luxury fitness club. The improvement program is expected to be completed by early 2017.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings in competitive, primarily CBD locations, and over half our investments are in high-barrier-to-entry, primary markets. Our $5 billion portfolio includes 23 office properties containing 11.2 million square feet and one hotel, concentrated in San Francisco, New York, and Washington, D.C. For more information about Columbia, which carries an investment-grade rating from both Moody’s and Standard & Poor’s, please visit www.columbia.reit.
About L&L Holding Company
L&L Holding Company is a privately-held, vertically-integrated real estate company that owns and manages a six-plus million square foot portfolio of Class-A commercial office properties in New York City and the New York metropolitan area. As an investor, owner, operator, and developer, L&L is expert at identifying underperforming assets and unique value-add opportunities, producing unparalleled returns for its institutional partners and delivering award-winning redevelopment projects. For information about L&L Holding Company, visit www.ll-holding.com.
About BDG Media, Inc.
Bustle is an online publication aimed at millennial women, reaching over 45 million unique readers a month. Bustle delivers everything readers want to know, see, and read right now — spanning breaking news, entertainment, lifestyle, fashion + beauty, relationships and more.www.Bustle.com.
Romper is reaching a new generation of parents as the first digital media property written by millennial parents for millennial parents. Launched in November 2015, Romper is among the fastest growing parenting sites.
