Lululemon Athletica has secured a 15,964-square-foot lease at L&L Holding Company‘s 114 Fifth Avenue, Commercial Observer has learned.
The yoga apparel company signed a 10-year lease for the space, which spans the ground floor, basement and mezzanine level, according to a source with intimate knowledge of the deal. The asking rent was $500 per square foot on the ground floor, $100 per foot in the selling basement and $75 on the mezzanine. Lululemon is slated to move in by end of the third or fourth quarter of 2015. The other retail tenant in the building is Bank of America, which occupies 6,000 square feet.
L&L acquired the 330,000-square-foot century-old, 20-story office tower at the southwest corner of 17th Street in a joint venture with private equity firm Lubert-Adler for $165 million early last year.
Alan Schmerzler and C. Bradley Mendelson of Cushman & Wakefield represented L&L in the deal along with L&L in-house brokers David Berkey and Andrew Wiener. Mr. Wiener declined to comment as did Mr. Schmerzler. RKF‘s Jeremy Ezra and Karen Bellantoni represented Lululemon in the deal and RKF declined to comment through a spokeswoman.