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Posted: February 28, 2024
JLL completes full floor lease at 71 Fifth Ave.
Manhattan, NY JLL has completed a full floor lease at 71 Fifth Ave., the repositioned 11-story office building in Manhattan’s Union Square and Flatiron neighborhood owned by Madison Capital and Lubert Adler Partners.
Venture capital-backed AI video company Captions signed a lease to occupy 15,202 s/f across the entire sixth floor of the property.
Founded by former Microsoft engineer Gaurav Misra in 2021, Captions is a rapidly expanding creative studio focused on AI-powered products that support video creation and editing. Captions has mobilized over three million creators to produce studio-quality videos.
“As employers continue to look for the ideal workplace, 71 Fifth Avenue provides character, comfort and location, a trinity of elements that are ideally suited to digital and creative companies like Captions as they work on changing the world,” said JLL vice chairman Mitchell Konsker, who leads the building’s leasing team.
Originally built in 1907, 71 Fifth Ave. has been fully modernized by Madison Capital since it acquired the property in 2017, including new building entrances, remodelled lobbies, upgraded elevators and façade enhancements. Ownership also dedicated resources to install brand-new dedicated HVAC units for each renovated floor.
Both the fifth and sixth floors are newly built, fully furnished and move-in ready, designed with open work areas, glass-encased meeting rooms and wood flooring. A sophisticated pantry and café seating areas create a social hub for brainstorming.
A JLL team that includes Konsker, executive managing directors Ben Bass and Dan Turkewitz and vice president Kyle Young exclusively represent 71 Fifth Ave. and worked on the Captions transaction with Madison Capital’s managing director Jonathan Ratner and vice president Cindy Chang. The tenant was represented by JLL executive vice president Kyle Riker.
“We are delighted to welcome another dynamic new tenant to 71 Fifth Avenue where our multi-million-dollar capital improvements appeal to forward-thinking companies seeking modern, plug and play space in a vibrant city location,” said Chang.
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