Mastercard takes 58,000 sf at 114 Fifth Avenue

February 04, 2014 09:27AM   114 Fifth Avenue and L&L's David Levinson

Credit card processor Mastercard International has signed a 58,000-square-foot lease at L&L Holding’s 114 Fifth Avenue in Midtown South, the same building that will be home to Mashable’s new headquarters. Mastercard will take the 10th through 12th floors in a ten-year deal and pay rents starting in the mid-$70s per square foot, according to CompStak data.

Talks of the deal were first reported by Crain’s, while the New York Post reported the signed lease, which brings the century-old, 330,000-square-foot building to 60 percent occupancy. It is part of a trend of big financial and law firms turning their backs on Midtown East, according to the newspaper.

Citigroup, for example, will shift its global headquarters to Tribeca, making a move from 399 Park Avenue. And law firms such as Jones Day and Reed Smith have also opted to quit the neighborhood. [NYP]  – Hiten Samtani