New Lease Details

BuzzFeed, the well-known online media organization, has signed a lease for approximately 42,210 square feet at 50 West 23rd Street, owned by Two Trees Management. This move will see the company relocate from its current offices at 229 West 43rd Street, located 1.2 miles north of its new Flatiron District home.

The company will occupy the entirety of the building’s sixth floor along with an additional 11,000 square feet on the fifth floor. Two Trees has confirmed that this lease spans multiple years, although specific duration details have not been disclosed. The asking rent for office space in this building is reported to be between $68 to $70 per square foot.

Context of the Move

This transition marks a significant downsizing for BuzzFeed, which has faced ongoing challenges in the media landscape. Over the past few years, the company has undergone multiple layoffs and even shuttered its news division in 2023.

Previously, BuzzFeed sublet its expansive 110,000-square-foot space at 224 Park Avenue South to Monday.com in 2022, subsequently moving to its current 107,000-square-foot location. This latest move represents a continued effort to streamline operations and reduce overhead costs.

Workforce Adjustments and Strategy

In a proactive approach to manage its expenses, BuzzFeed has recently reduced its workforce by 22 percent at the Huffington Post, which it also owns. Factors motivating these layoffs include increasing difficulties and competitive pressures within the media sector.

Additionally, earlier this year, the company announced the sale of its program distribution network, Complex, to Ntwrk for approximately $108.6 million, further indicating its strategy to consolidate and focus on core operations.

New Office Environment

At 50 West 23rd Street, BuzzFeed will join other notable companies such as Instacart, BMF (a marketing agency), and Grovo (a software firm) within the same building, which features 13 stories and a total of 341,000 square feet of office space.