BuzzFeed To Relocate To 200 Fifth Avenue, NY
News: US-based social networking service BuzzFeed has finalised a two-year sublease with Tiffany & Co. for the whole of the eighth floor covering almost 58,000 q ft at 200 Fifth Avenue, New York, US, reports Globe St. Under the sublease, BuzzFeed will relocate from around 24,000sq ft it currently occupies at 54 West 21st St. Greg Taubin of Studley represented Tiffany while Steve Marvin of Olmstead represented BuzzFeed in the transaction.
BMI View: Rental growth has returned to numerous office market segments in the US. Overall, rental growth has occurred in sectors dominated by technology and energy-heavy markets, as well as the top four markets of New York, Boston, Washington DC and San Francisco. In the tightest sub-markets in those cities, such as the Plaza District (New York), Back Bay (Boston), Rosslyn-Ballston and Capitol Hill (Washington, DC) and South of Market and CBD (San Francisco), rents have increased nearly 20% from cyclical lows in mid-2011. However, in the secondary commercial property areas, rental growth in general is minimal.