24 Hour Local Real Estate News

Apparel Firm Darts to Midtown from Midtown South

285 madison ave RFR acquired 285 Madison Ave. in 2012 and has given the building a $65 million comprehensive gut renovation.

NEW YORK CITY—Fashion firm Tommy Hilfiger’s parent company, PVH Corp. has signed a 200,000-square-foot lease at 285 Madison Ave. The fashion company is relocating its headquarters to the RFR Realty-owned, 510,000-square-foot office property in Midtown from Midtown South. It has resided at the Starrett-Lehigh Building, at 601 W. 26th St., since 2004.

PVH’s new offices, on the northeast corner of Madison Avenue and 40th Street, will occupy nine floors of 285 Madison Ave., a newly repositioned, 26-story office tower. The building was acquired by RFR vacant in 2012 and has received a $65 million comprehensive gut renovation and design upgrade.

Matthew Astrachan, Mitchell Konsker, Joseph Messina and Steven Bauer of JLL represented PVH Corp. in the new long-term lease. The landlord was represented by Alexander Chudnoff, Dan Turkewitz and Diana Biasotti, also of JLL, as well as RFR SVP and director of leasing AJ Camhi.

“Tommy Hilfiger’s choice to locate its North American headquarters at 285 Madison Avenue highlights the building’s unique appeal following our successful efforts to modernize and transform it,” says Aby Rosen, co-founder and principal of RFR. “Attracting this international luxury lifestyle and apparel brand to a new home here underscores the property’s appeal in terms of outstanding location and amenities. We’re proud to see the market embrace our vision for sophisticated, modern office space within a historic structure.”

Adds Matthew Astrachan, JLL, “PVH was seeking an occupancy solution with prominent branding opportunities, shared amenities and building infrastructure that would enable the creation of a modern, collaborative workplace environment.”

He continues, “We were able to work closely with RFR to relocate Tommy Hilfiger into terrific space that is much closer to PVH’s corporate headquarters and PVH’s offices for its Calvin Klein and Heritage Brands businesses. By making this move, PVH expects to reduce Tommy Hilfiger’s occupancy costs and relocate into space that is much more efficient for both PVH and the Tommy Hilfiger business.”

“JLL has done a tremendous job securing superb space for PVH’s Tommy Hilfiger business, which will allow for the continued growth of Tommy Hilfiger and have the benefit of being closer to both PVH’s corporate headquarters and the offices for its Calvin Klein and Heritage Brands businesses,” notes Michael Shaffer, PVH Corp. EVP, COO and CFO.

Tommy Hilfiger joins other global firms at 285 Madison Ave., including MetLife company Brighthouse Financial, Bessemer Venture Partners, StriVectin Operating Co., General Electric Co. and Misys International Banking Systems.

Meanwhile, the retail lease-up of 285 Madison is nearly complete. Recently, The Benjamin Group—the restaurant operator behind the Benjamin Steakhouse and Sea Fire Grill concepts—signed a 16-year lease for 9,020 square feet for a Benjamin Steakhouse. Popular Community Bank, part of the international financial services group Banco Popular, signed a lease for the 3,553-square-foot corner space. Meanwhile, London-based coffee purveyor Taylor Street Baristas will occupy 1,040 square feet of space adjacent to the restaurant, as well as a portion of the mezzanine.

 

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