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Capital One Expands Offices in Manhattan’s Flatiron District

The bank is expanding across three floors at 114 Fifth Ave. even as other companies pare office space given recession fears and remote work.

114 Fifth Ave.

114 Fifth Ave.

Photographer: Alan Schindler

Capital One Financial Corp. is expanding its offices on Fifth Avenue, even as other companies reconsider real estate footprints amid rising concerns about an economic downturn and the increase in remote work.

The McLean, Virginia-based bank is expanding across three full floors at 114 Fifth Ave., bringing its total space to nearly 117,000 square feet (11,000 square meters), according to a statement Wednesday. The 19-story building, owned by Columbia Property Trust, Allianz Real Estate and L&L Holding Co., is fully occupied by tenants including Mastercard Inc. and cryptocurrency data firm Chainalysis.

“We are thrilled to accommodate their continued expansion, which is indicative of the ongoing need among cutting-edge companies for top-quality workspaces in New York City’s most dynamic neighborhoods,” David Berkey, executive vice president at L&L, said in the statement. 

The 352,000-square-foot building, located at the corner of East 17th Street, was built in 1910 and redeveloped in 2014. Capital One’s expansion comes even as other tech and finance firms pull back on their office needs. Last month, Bloomberg reported that Meta Platforms Inc. and Inc. were reducing some planned office build-outs across Manhattan. Twitter Inc. is also cutting back on its physical office space in several global markets as the company cuts costs and leans more into remote work.