Mastercard Follows Mashable into 114 Fifth
Al Barbarino Feb. 4, 2014, 10:05 a.m.
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 of the noteworthy Mashable lease last month, which solidified the social media news and media company into place as L&L’s first long-term tenant at the building since scooping it up for $165 million with private-equity firm Lubert-Adler early last year.
The firms then embarked on a building-wide overhaul of the century-old 20-story office tower at the southwest corner of 17th Street. That overhaul, scheduled to be completed in August, brings new infrastructure, lobby, elevators, and a landscaped roof.
Mashable signed a 10-year, 38,580 square-foot lease for the entire 14th and 15th floors, with plans to relocate from its current New York headquarters at 304 Park Avenue South later this year, according to an announcement released last month.
As of last month 240,000 square feet was still available for lease on the second through ninth floors, as well as the entire 16th through 19th floors, with asking rents in the mid-$70s per square foot at the base to the mid-$80s on higher floors. The building’s ground floor retail space is already occupied by long-time tenants Banana Republic and Bank of America.
The Mastercard lease reportedly cashed in in the $70s.
The company’s fourth-quarter profits rose 3 percent, but increased payments the company made to its partners and slowed growth raised some “red flags.”
Drew Saunders, Lloyd Desatnick and Patrick Lennon of Jones Lang LaSalle represented MasterCard. David Berkey and Andrew Wiener of L&L Holding Company represented the landlord-in house.