The technology and social media news blog Mashable has signed a 10-year, 40,000-square-foot lease for the entire 14th and 15th floors at 114 Fifth Avenue. Designed by architects Maynicke & Franke and built in 1909, the neoclassical 114 Fifth Avenue was once known as the Merchants’ Exchange Building. Located at the southwest corner of 17th Street, the century-old, 20-story office tower is in the middle of a major redevelopment and capital improvement program that should wrap up later this year, in time for a fourth quarter Mashable move from its current headquarters at nearby 304 Park Avenue South.
Inking the tech giant bodes well for L&L to attract similar tenants to 114 Fifth Avenue’s prime Silicon Alley, Midtown South location. “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 expect our leasing program to move swiftly.” Nearly 240,000 square feet is still available at the historic tower: the entire 2nd through 9th floors and the entire 16th through 19th floors. Asking rents are in the mid-$70s per square foot for the lower floors; higher floors are asking in the mid-$80s.
When the improvement program wraps up later this year, 114 Fifth Avenue will feature state-of-the-art building infrastructure; a new lobby; and a number of green building-related improvements, including a landscaped roof that tenants can access. L&L acquired the landmarked tower last year in a joint venture with private equity partner Lubert-Adler. Ground-floor retail is occupied as it has been for many years by tenants Banana Republic and Bank of America.