With a building-wide redevelopment program now in full force and scheduled to be completed later this year, L&L Holding Company, LLC has signed its first long-term tenant at 114 Fifth Avenue.
The century-old 20-story office tower, at the southwest corner of 17th Street, was acquired early last year by L&L in a joint venture with private equity firm Lubert-Adler.
Mashable, Inc., the technology and social media news blog founded by Peter Cashmore, has signed a 10-year, 38,580 s/f lease for the entire 14th and 15th floors in the building. The social media company expects to relocate from its current New York headquarters at 304 Park Avenue South later this year.
Sacha Zarba, Chris Corrinet and Scott Bogetti of CBRE represented Mashable in the long-term transaction, while David Berkey and Andrew Wiener of L&L Holding Company represented the landlord-in house.
“We’re proud to welcome Mashable to 114 Fifth Avenue, which is widely acknowledged as an emerging new Silicon Alley hotspot,” said L&L Chairman and CEO David Levinson.
“Given the high demand and tight vacancy rate in Midtown South, we except our leasing program to move swiftly.”
Noting that L&L is in negotiations with a number of other tenants for the balance of the building, Berkey said nearly 240,000 s/f is available for lease comprising the entire 2nd through 9th floors, as well as the entire 16th through 19th floors.
The 2nd, 3rd and 19th floors have 17 ft. ceiling heights, while the remaining floors having 13 ft. ceiling heights. Asking rents are in the mid-$70s per square foot in the base of the building, while the higher floors are priced in the mid-$80s.
When the redevelopment is completed in August of this year, 114 Fifth will boast entirely new infrastructure, a new lobby, elevators, and a host of green initiatives, including a landscaped roof that will serve as a tenant amenity.
The building’s ground floor retail space is occupied by long-time tenants, Banana Republic and Bank of America.