Clarion Partners and The Kaufman Organization, the exclusive managing and leasing agent for Clarion Partners’ 100-104 Fifth Avenue, have signed a 23,000 s/f lease with the multi-billion dollar digital marketing firm, Red Ventures,
The parent company of Bankrate and The Points Guy is expanding its New York presence with a duplex space at the Union Square office tower
Red Ventures will consolidate and relocate its New York offices from 1675 Broadway and 251 Park Avenue South to 100-104 Fifth Avenue.
“The new location will unite two of our fastest-growing consumer brands, The Points Guy and Bankrate, compounding their energy and growth,” said Ric Elias, Red Ventures CEO. “Red Ventures will now have a world-class content hub in the heart of Manhattan, helping consumers make better decisions about travel and finance.”
Margaret Egan, Senior Vice President with Clarion Partners, said, “Red Ventures is the latest in a growing roster of high-profile firms, including Apple and Adobe, that have chosen 100-104 Fifth Avenue as a key part of their New York base of operations.
“This transaction is further proof that the modern, state-of-the-art spaces in this retro-chic building provide both an attractive and practical workplace environment for industry-leading companies and their top talent.”
“100-104 Fifth Avenue has proven to be a destination office location for a diverse collection of both established and growing firms in Midtown South,” said Grant Greenspan, Principal of Kaufman.
“The property’s institutional ownership and management, convenient location, modern design and advanced technology infrastructure make the property an ideal location for growing tech and marketing firms, such as Red Ventures, to continue expanding their businesses in one of the most sought-after office markets in the country.”
Greenspan and Michael Kaufman of Kaufman represented Clarion Partners, while John Cefaly, Nicholas Dysenchuk, Evan Algier, Thomas Ross and Brian Decillis, all of Cushman & Wakefield, represented the tenant.
Red Ventures is expected to take occupancy in November 2019.
Decillis, a managing director at Cushman & Wakefield, commented, “ When renovations are completed in the 4th quarter of 2019, this office will be a world-class showpiece and a vibrant new home for The Points Guy and Bankrate.”
Built in 1905, 100-104 Fifth Avenue is a 17-story, 270,000s/f French Gothic building whose tenant roster includes Apple, Adobe, Net-A-Porter and Yelp.