UPDATED, Aug. 8, 2022, 11:20 a.m.: What’s in your wallet? For Capital One, it’s more office space in New York City.
The bank expanded to 117,000 square feet at 114 Fifth Avenue in the Flatiron District, Bloomberg reported. The bank is expanding across six floors at the property, bringing its total footprint to about a third of the L&L Holding Company building.
Capital One planted its flag at the property in 2015, signing a lease for slightly fewer than 40,000 square feet. Rents for the eight-year deal started at $80 per square foot, but it’s not clear what the bank is paying for its expansion.
The 19-story, 352,000-square-foot property — which is also owned by Columbia Property Trust and Allianz Real Estate — is fully occupied. Other tenants at the building include Mastercard and Chainalysis.
The crypto data firm recently made its own expansion at 114 Fifth Avenue, signing up at the end of last year to lease more than 77,000 square feet at the property. The company was previously subleasing nearly 39,000 square feet from First Look Media in a deal that began during last year’s third quarter.
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Capital One’s expansion comes at a complicated time for Manhattan’s office market. On one hand, tech companies like Meta and Amazon have reeled back plans for offices in the city. Twitter is also beginning to cut back on physical office space.
On the other hand, Capital One’s expansion represented one of the most significant leases in the office market’s most promising month since the onset of the pandemic.
The borough filled more office space last month than any month since January 2020, according to a Colliers’ report on July leasing activity. Midtown saw a particular surge with nearly 2 million square feet of office space leased last month, a three-fold increase from July 2021 and more than in any month since December 2018.
About 16 percent of office space remains vacant in Midtown while 17 percent of office space remains vacant in Manhattan as a whole.
This article has been updated to reflect that Capitol One was expanding across six, not three, floors at 114 Fifth Avenue.
— Holden Walter-Warner