Mashable Signs 38 KSF Lease to Relocate to 114 Fifth Avenue
- Jan 25, 2014
Mashable, the mega-popular tech and social news blog founded in 2005 by Pete Cashmore—yes, the cool entrepreneur who made it to Forbes’ “30 Under 30” list—struck a deal with L&L Holding Company for 38,580 square feet of space at the newly renovated 114 Fifth Avenue in Midtown South.
With the current lease at 304 Park Avenue South set to expire this year, the news-hub has been on the lookout for a possible location for a new headquarters in Manhattan ever since November, The Real Deal reported. The new lease agreement, which has a termination date in 2024, was brokered by CBRE’s Sacha Zarba, Chris Corrinet and
Scott Bogetti who represented Mashable, and L&L Holding Company’s David Berkey and Andrew Wiener. According to an announcement released by L&L, Mashable will occupy the entire 14th and 15th floors in the 20-story office tower, more than double the space it currently occupies at 304 Park Avenue South. The news-hub will most probably relocate to the new headquarters in August, as soon as renovations are completed at the office building.
“We’re proud to welcome Mashable to 114 Fifth Avenue, which is widely acknowledged as an emerging new Silicon Alley hotspot,” stated 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,” he added, noting that L&L is currently in negotiations with a number of other tenants for the balance of the building.
Completed in 19101, 114 Fifth Avenue was designed and built by Mayniche & Franke. The building along with a 99-year leasehold was acquired in January 2013 for $165 million by a joint venture between L&L and private equity firm Lubert-Adler, The Real Deal said. Shortly after the transaction was closed, the new owners embarked on a complex renovation and upgrade process that will boast new infrastructure, a new lobby, elevators and green roof that will serve as a tenant amenity.
Image via 1145thavenue.com