The Real Deal with CompStak Data: Mashable HQ to move to L&L’s 114 Fifth Avenue

One of our favorite media companies takes almost 40,000 SF in Chelsea.

Mashable HQ to move to L&L’s 114 Fifth Avenue

Digital news site will more than double its current space

January 17, 2014 02:36PM By Hiten Samtani

  Mashable CEO Pete Cashmore and 114 Fifth Avenue

Mashable CEO Pete Cashmore and 114 Fifth Avenue

Mashable has struck a deal to move its headquarters to L&L Holding’s 114 Fifth Avenue,The Real Deal has learned. The rapidly-growing digital media news and technology website had been on the prowl for a new space since at least November, and will take the entire 14th and 15th floors at the 20-story Midtown South building. Mashable will pay rents starting in the mid-$70s per square foot for the 38,580-square-foot space in the 10-year deal, according to CompStak data. The company had been in talks to take up to 60,000 square feet at the recently-renovated 340,000 square-foot property, according to previous reports. CBRE’s Scott Bogetti and Sacha Zarba represented Mashable, while L&L was represented in-house by David Berkey and Andrew Wiener. All the brokers declined to comment on the deal, saying only that it had not been finalized, but a Mashable insider confirmed the new destination. L&L paid $165 million for the building  in a joint venture with private equity firm Lubert-Adler in January 2013. Mashable’s new digs will be more than twice the size of their current 17,444-square-foot space at 304 Park Avenue South on East 23rd Street, where it pays rents in the mid-$30s per square foot in a lease that expires in September. Strong demand for space from technology companies has seen rents in Midtown South leap 44 percent over the past two years, according to a September 2013 CBRE report. Recent deals include Facebook, which took 100,000 square feet at 770 Broadway  and Tumblr, which expanded to 50,000 square feet at 35 East 21st Street.

CompStak

Read more posts by this author.

Subscribe to CompStak Press

Get the latest posts delivered right to your inbox.

or subscribe via RSS with Feedly!