Prospective Tenants

First Look Media Negotiating Space at L&L’s 114 Fifth Avenue

114 Fifth Avenue

New online news venture First Look Media is negotiating a full-floor lease at L&L Holdings‘ redeveloped office tower 114 Fifth AvenueCommercial Observer has learned from someone with knowledge of the deal. The floors are just shy of 20,000 square feet.

In the interim, the news start-up, which was financed with $50 million by the eBay founder and billionaire Pierre Omidyar, will be subletting a floor (which are about 11,000 square feet each) at 162 Fifth Avenue between 18th and 19th Streets that was leased by major Hollywood talent agency, CAA. CAA has relocated to the Chrysler Building, as Commercial Observer previously reported. Read More

Lease Beat

Mastercard Follows Mashable into 114 Fifth

mastercard

Mastercard International has reportedly signed a 10-year lease for a new 60,000-square-foot technology lab at L&L Holdings’ 114 Fifth Avenue.

The lease brings the 330,000-square-foot address to 60 percent occupancy, according to the NY Post, which reported the deal yesterday following published rumors that circulated for weeks.

The news comes on the heels Read More

Postings

Updating a Lower Manhattan Landmark: Restaurant and Apparel Included

1co3000a0806

Completed in 1923, 195 Broadway served as the headquarters for American Telephone and Telegraph and Western Union, and it currently boasts Thomson Reuters as a major tenant. Acquired by L&L Holdings in 2005, the Financial District property has been repositioned to capitalize on retail opportunities on the ground floor.

Marketed by Cushman & Wakefield, the majestic space will be divided for up to three tenants, including a restaurant, with whom brokers are now in discussions with to open an upscale eatery with access to a 30th floor rooftop deck. Located across from the Fulton Street transit hub, 195 Broadway’s retail space is ideally suited for apparel and jewelry retailers. Alan Schmerzler, executive director at C&W, spoke with The Commercial Observer last week about the building’s unique challenges and potential opportunities. Read More

1Q13

Which Way is Up: Manhattan’s Market Boundaries are Beginning to Blur

1347978_19284953

From the outside, 222 Broadway fits the stereotype of the Downtown financial office tower.

But when Bank of America downsized, leaving roughly 250,000 square feet of space vacant, a series of tours guided by its new owner, L&L Holdings, quickly blasted that stereotype away.

Condé Nast committed to 80,000 square feet at the tower in early March. WeWork, which provides collaborative workspace for tech and media companies, was next in line. Read More

Midtown South

Midtown South: What a Difference a Decade Makes

Angelo & Maxie's at 233 Park Avenue South

A decade ago, a walk down Fifth Avenue near 17th Street would have included a stop at advertising firm Geer DuBois, and a walk farther north on Park Avenue South would have culminated in a visit to Angelo & Maxie’s Steakhouse.

Both were pioneering tenants, willing to take a chance on the less desirable precincts of Midtown South—and both are gone. Read More

The Sit-Down

Bombs, Bullion and the Bronx: David Levinson of L&L Holdings

David Levinson (Photo: Sasha Maslov)

L&L Holding Company’s development of 425 Park Avenue may be the company’s current marquee project, but the firm, which chairman and CEO David Levinson co-founded with Robert Lapidus in 2000, continues to make a mark on Midtown South. In January, L&L purchased 114 Fifth Avenue in a $165 million joint venture, planning to model it after 200 Fifth Avenue, a thriving symbol of Midtown South’s bull real estate market. Mr. Levinson, 64, who owns a stake in the New York Yankees, spoke with The Commercial Observer about Midtown South, the threat of bomb attacks and the Bronx Bombers. Read More

Lease Beat

Lego Signs Lease For Flagship At 200 Fifth Avenue, Store Will Cozy Up To Eataly

2005th

LEGO Systems has inked a 10-year lease for 7,703 square feet of retail space at 200 Fifth Avenue. The company behind the beloved children’s building blocks projects that the new flagship will open in January 2014, and in a building that for 75 years was known as the International Toy Center before L&L Holdings bought it in 2009, the New York Post reported.

L&L’s David C. Berkey and Andrew Wiener represented the building in-house, while Cushman & Wakefield‘s Jonathan Scibilia and Andrew Kahn represented the toy tenant. Read More

Power Broker

Speak Softly and Carry a Big Stick

Brad Gerla.

As leasing agent for some of Manhattan’s most iconic buildings, CBRE executive vice president Brad Gerla has access to some impressive real estate—like J.P. Morgan’s former pied-à-terre on the 31st floor of 14 Wall Street or the neo-Gothic inner workings of the Woolworth Building at 233 Broadway.

So it was strange to chat with him one recent rainy morning in a nondescript conference room in an equally nondescript–dare we say blah–office, save for the fact that the conference room was nestled inside the former MetLife headquarters at 11 Madison Avenue. Read More