New York – August 05, 2014 – The Sapir Organization and CIM Group announced today that they have secured long-term lease agreements with William Morris Endeavor (WME) and Yelp, Inc. at 11 Madison Avenue, the iconic office building overlooking Madison Square Park in Manhattan’s Flatiron District. WME, one of the world’s largest talent agencies, will occupy the 18th floor for a total of approximately 70,000 rentable square feet, and Yelp, the company that connects consumers with great local businesses, will be moving its New York offices to the 14th and 16th floors of the tower, which encompass approximately 150,000 rentable square feet.
These lease agreements, along with the 15-year, 525,000-square-foot lease agreement signed with Sony Corporation of America for its U.S. headquarters earlier this year for the top 10 floors and rooftop, bring the building to 96.5% leased with only one floor available. Credit Suisse maintains its long-term lease for its U.S. main offices on floors 2 through 10 and including a portion of the lobby of the building.
“As our company continues to grow, we are excited to move to an expanded space at 11 Madison Avenue, which is ideally located across the street from one of the city’s most beautiful parks and among many convenient amenities and great local businesses for our employees to enjoy,” said John Lieu, Director of Real Estate and Facilities for Yelp.
“These two lease agreements affirm 11 Madison Avenue as one of New York’s most distinguished and desired office buildings. We are thrilled to be welcoming WME and Yelp to our premier building, joining an already stellar list of high caliber tenants,” said Alex Sapir, President of The Sapir Organization.
“The building is now occupied with a diverse mix of tenants including financial institutions as well as entertainment, technology and creative companies, which all make for a great fit with the community, which has increasingly attracted vibrant and fast-growing office tenants as well as luxury residential, premier shopping and some of the city’s top restaurants,” said Avi Shemesh, Co-Founder and Principal at CIM.
CIM identified the Gramercy/Murray Hill/Flatiron district as a qualified community that possesses the attributes that fit CIM’s investment model, which focuses on urban districts positioned for economic expansion with solid infrastructure and transportation networks. CIM has been involved in the New York metropolitan area for more than a decade, and 11 Madison was its first acquisition in this qualified community. Some of CIM’s other New York City investments include 432 Park Avenue, 737 Park Avenue, Halcyon (at 305 East 51st Street), One Madison Park, 225 Fifth Avenue, 2 Rector and 15 William.
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com
ABOUT THE SAPIR ORGANIZATION
The Sapir Organization is a group of privately held companies, owned by Sapir family members. Collectively, this New York-based real estate Organization owns and manages approximately 6 million square feet of prime Manhattan commercial and residential space. Founded by Mr. Tamir Sapir, chairman, the Organization has embarked on residential and multi-use projects under the leadership of Mr. Alex Sapir and Mr. Rotem Rosen through ASRR, LLC. The Organization owns and manages significant architectural landmarks throughout Manhattan, including 11 Madison Avenue, 2 Broadway, Trump Soho Hotel & Condominium, 260 Madison Avenue, 261 Madison Avenue and two residential buildings, 50 Murray Street and 53 Park Place.