Mastercard takes 58,000 sf at 114 Fifth Avenue

114 Fifth Avenue and L&L's David Levinson
114 Fifth Avenue and L&L's David Levinson

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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