L&L Holding Lands Fintech Firm at 195 Broadway

A financial technology company is joining L&L Holding’s Financial District office roster.

Payoneer signed a 42,000-square-foot lease for the 27th floor of 195 Broadway, the landlord announced on Monday. The company is almost doubling its office footprint, relocating from 23,000 square feet at 150 West 30th Street, which is managed by Bernstein Real Estate.

The firm is expected to make its move from Midtown to the Financial District in the spring. The company signed a 10-year lease for the floor in the 28-story building.

The asking rent was $57 per square foot, according to the New York Post. The property is up to 86 percent occupied, the publication added. Other tenants include Omnicom, HarperCollins and Gucci.

A Savills team including Jeffrey Peck and Daniel Horowitz represented the tenant, while James Marcellino represented L&L in-house.

Despite the beleaguered state of the office market, L&L has been securing leases at its 1.1 million-square-foot property after redeveloping the lobby in 2017. Two years later, JPMorgan Asset Management moved to split the property’s fee position and leasehold. L&L, which owned 5 percent of the property, proceeded to buy JPMorgan’s 95 percent stake.

Last year, software firm Code Climate signed a 10-year lease for 42,000 square feet at the property. Earlier this year, digital news startup The Messenger signed a 42,000-square-foot sublease, occupying space that homebuying startup Orchard agreed to take as part of a 10-year, 107,000-square-foot lease.

This latest lease is good news for David Levinson and Rob Lapidus’ L&L, which defaulted along with its partner Mitsubishi on the Metropolitan Tower in the Plaza District in April, cutting off their mortgage payments. The lender, Aareal Capital Corporation, is looking to sell the $92.5 million non-performing loan that backs the office portion of the 68-story property.