Capital One has a deal pending to take nearly 80,000 square feet of turnkey sublet space in Midtown South.
The bank, best known for its credit card-servicing line of business, is in late-stage talks to sublease three full floors at 11 West 19th Street from a division of advertising giant Publicis Groupe, sources told The Real Deal.
Floors 2, 3 and 4 in the 11-story building, owned by investor Thomas Block, combine for 78,000 square feet and come fully built-out with internal staircases and glass-walled conference rooms.
Global marketing and technology firm LBi, part of the Big Four advertising firm Publicis, initially signed a lease for 52,000 square feet in the building in 2010, then expanded by another 26,000 square feet two years later.
In 2013 Publicis merged LBi with sibling shop MRY to form DigitasLBi, but earlier this year MRY was hit with significant layoffs. MRY’s lease runs through 2023. Financial terms of the deal weren’t clear.
A Cushman & Wakefield team lead by Don Preate, who declined to comment, marketed the space and is negotiating on behalf the Publicis subsidiary. Dale Schlather, also at Cushman, is representing Capital One. He couldn’t be reached for comment.
Another two full floors above the MRY space will become available in November. Savitt Partners, which manages the building, is marketing that space.
Capital One has space at Vornado Realty Trust’s 90 Park Avenue, and in 2013 inked a deal with UBS to sublease more than 217,000 square feet at Fisher Brother’s 299 Park Avenue in the heart of the city’s banking district.
The deal on West 19th Street, however, wouldn’t be the bank’s first foray into Midtown South.
Last year a division of the company called Capital One Labs signed a deal for 40,000 square feet at L&L Holding’s 114 Fifth Avenue.