Mastercard is taking the entirety of 150 Fifth Avenue, L&L Holding Company announced today.
The company will take over 150 Fifth, with a total of 212,500 s/f, in mid-2019 after L&L completes a renovation of the landmarked 11-story building in the Flatiron District. The building will serve as Mastercard’s expanded technology hub.
Mastercard was represented in the transaction by Mitchell Barnett and Andrew Ross of Cushman & Wakefield. L&L Holding Company was represented in house by David C. Berkey and Andrew Wiener.
The company currently houses members of its digital and technology innovation group in 80,000 s/f of office space 114 Fifth Avenue, a building that L&L also operates and recently renovated. Mastercard will be moving all of its current and future New York City employees to the new space at 150 Fifth Avenue.
“We are thrilled and take great pride in our expanded relationship with Mastercard that began in 2014 at 114 Fifth. We believe their decision to continue to work with L&L Holding is a validation of our commitment to best-in-class tenant service as well as our long-term vision for Midtown South,” said L&L Holding Company Chairman and CEO David W. Levinson in a press release.
L&L Holding is working with STUDIOS Architecture and project manager OC Development Management on a multi-million building-wide renovation and modernization initiative at 150 Fifth Avenue. The company will be reconfiguring the building to have more open space by filling in a staircase and taking out certain walls. Plans also call for an expansion and renovation of the building’s lobby.