Capital One Defies Downsizing Trend with Double-Play Big Block Deals
McClean, VA-based Capital One has decided to remain in the 78,000-square-foot space at 11 West 19th Street that the lender is currently subleasing from advertising firm Publicis Groupe. Having initially subleased the space in January 2017, the bank recently signed a 7.5-year direct deal with the landlord for the space that spans the entire 2nd through 4th floors at an asking rent of $72 per square foot. Capital one currently occupies a total of 130,000 square feet within the 11-story building, expanding by 52,000 square feet on the entire 5th and 6th floors through a separate 16-year lease signed in May 2017 with 11-years of term remaining. News of the 19th Street signing comes about one day following the announced 12-year extension and expansion of the bank’s offices in the Flatiron District at 114 Fifth Avenue. Capital One has increased its footprint within the 19-story, 352,000-square-foot building to 116,296 square feet spread across the 2nd through 7th floors with the addition of 60,000 square feet as part of the deal, having initially leased about 40,000 square feet in 2014. Asking rent was $110 per square foot.