Capital One swipes into L&L’s 114 Fifth
Credit card giant joins Mastercard, Mashable and Gawker in Midtown South building
Joining Mastercard and a growing list of tech firms, Capital One is the latest company to plant a flag at L&L Holding’s 114 Fifth Avenue, The Real Deal has learned.
The banking giant, renowned for its ubiquitous commercials featuring affable celebrities and Vikings with voracious appetites for modern consumer goods, signed a lease for just shy of 40,000 square feet on the fifth and sixth floors of the 18-story Midtown South office property, according to CompStak data.
Capital One will pay rents starting at around $80 per square foot in the eight-year deal, CompStak data show. Representing L&L in-house were Andrew Wiener and David Berkey, who said the deal was originally signed late last year, but took a bit longer to finalize as Capital One looked to expand its footprint.
“They signed in late November for a one-floor deal, and by the time the ink was dried out they had two floors,” Berkey said.
Dale Schlather of Cushman & Wakefield represented the tenant.
L&L paid $165 million in 2013 through a partnership with private-equity firm Lubert-Adler to purchase the building located in the Flatiron District, which commands top rents in the white-hot Midtown South office market. The building has been hot with New York’s mushrooming tech crowd, including Mashable and Gawker Media. Mastercard took roughly 58,000 square feet in the building last year, and reportedly plans to use the space for a new technology lab.