Credit card processor Mastercard International has signed a 58,000-square-foot lease at L&L Holding’s 114 Fifth Avenue in Midtown South, the same building that will be home to Mashable’s new headquarters. Mastercard will take the 10th through 12th floors in a ten-year deal and pay rents starting in the mid-$70s per square foot, according to CompStak data.
Talks of the deal were first reported by Crain’s, while the New York Post reported the signed lease, which brings the century-old, 330,000-square-foot building to 60 percent occupancy. It is part of a trend of big financial and law firms turning their backs on Midtown East, according to the newspaper.
Citigroup, for example, will shift its global headquarters to Tribeca, making a move from 399 Park Avenue. And law firms such as Jones Day and Reed Smith have also opted to quit the neighborhood. [NYP] – Hiten Samtani