Captions Leases Office Space At 71 5th Avenue In Union Square

Located at 71 5th Avenue in Union Square, the property involved in this lease transaction is an office space spanning 15,202 square feet. The deal was secured at an asking rent of $85 per square foot for a three-year lease term.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: Not Applicable
• Landlord: Lubert Adler; Jonathan Ratner & Cindy Chang - Madison Capital
• Tenant: Captions
• Brokers: Benjamin Bass, Daniel Turkewitz, Kyle Riker, Kyle Young & Mitchell Konsker - JLL

The lease transaction at 71 5th Avenue involved the AI video-editing startup Captions, which doubled its previous space in SoHo by leasing the 15,202 square feet offered in Union Square. The deal was facilitated by the brokers Benjamin Bass, Daniel Turkewitz, Kyle Riker, Kyle Young & Mitchell Konsker from JLL. It was finalized with a three-year lease agreement at $85 per square foot, marking a significant expansion for Captions.