L&L Holding Lands 42 KSF Manhattan Lease

195 Broadway was built in 1916. Image courtesy of CommercialEdge

Fintech firm Payoneer has signed a 10-year lease for 42,000 square feet with landlord L&L Holding Co. at 195 Broadway. The tenant will relocate its headquarters to a full floor of the building by spring 2024. Savills North America represented Payoneer in the deal and ownership was represented in-house.

The firm’s current headquarters spans 23,000 square feet at 150 W. 30th St., as reported by The Real Deal. The company’s new location will occupy the entire 27th floor at the 1.1 million-square-foot tower. Other noteworthy tenants at the property include Omnicom, HarperCollins, Orchard and Gucci.

L&L Holding Co. acquired the 28-story property in 2019 for $842.1 million, according to CommercialEdge data. In 2021, it became subject to a $350 million loan from Helaba, the same source shows. The building was initially constructed in 1916 and served as headquarters for the American Telephone and Telegraph Co. until 1983. In 2017, the previous owners completed a large-scale redevelopment of the property.

Savills Vice Chairmen Jeffrey Peck and Daniel Horowitz, along with Managing Director Jacob Stern and Executive Managing Director Roi Shleifer represented the tenant in the transaction. The landlord was represented by the company’s Vice President of Leasing James Marcellino.

Manhattan asking rates decrease

Located in Lower Manhattan’s Financial District, the property is adjacent to transportation hubs such as the Fulton Street and Cortland Street subway stations. It is also within walking distance of One World Trade Center and New York City Hall.

As of October, asking rates in Manhattan remained the highest in the nation, standing at $70.71— marking a 5.4 percent decrease year-over-year—according to a recent CommercialEdge report. The vacancy rate in the borough clocked in at 17.4 percent, a 2.8 percent increase over 12 months and below the national average of 17.8 percent, the same source shows.