JLL 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 square feet 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.
“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. New building entrances, remodelled lobbies, upgraded elevators and façade enhancements have elevated the property’s curb appeal in the sought-after Union Square neighborhood. 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.
