The Real Deal New York

Lululemon takes more space, signs on at L&L’s 114 Fifth

Yoga apparel company will occupy 16,000 square feet in building on 17th Street

December 31, 2014 10:58AM

114 Fifth Avenue in Flatiron

114 Fifth Avenue at 17th Street

Yoga apparel retailer Lululemon has signed up for a 10-year lease at L&L Holding Company’s 114 Fifth Avenue.

The space spans 15,964 square feet on the ground-floor, basement and mezzanine levels of the century-old building located on the southwest corner of 17th Street. The asking rent was $500 per square foot on the ground floor, $100 per foot in the basement and $75 per foot for the mezzanine. Lululemon plans to move in to the property sometime in the later half of 2015.

The other retail tenant in the building is Bank of America. A branch of the financial services giant takes up 6,000 square feet at the property.

Alan Schmerzler and C. Bradley Mendelson of Cushman & Wakefield represented L&L in the deal with in-house brokers David Berkey and Andrew Wiener. Lululemon was represented by RKF’s Jeremy Ezra and Karen Bellantoni.

L&L purchased the 330,000-square-foot, 20-story office building in a joint venture with private equity partner Lubert-Adler last year for $165 million, the New York Observer reported.

Other tenants in the building include Mastercard, Gawker, Mashable, advertising agency AKQA and news website First Look Media. [NYO]Tess Hofmann

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