Lease Beat

UPDATED: Tory Burch takes 2 Floors at 350 Hudson Street

Fashion designer Tory Burch is taking two floors, at an impressive 80,000 square feet, at 350 Hudson Street.

350 hudson street 400x300 UPDATED: Tory Burch takes 2 Floors at 350 Hudson Street

Photo courtesy of CoStar

The women’s wear and accessory designer will take the 5th and 6th floors in the Hudson Square building, which is owned by Trinity Real Estate.

Marc Packman and Charles Laginestra, both of Trinity Real Estate, represented the landlord in-house.

Don Preate and Jamie Katcher, both of Cushman & Wakefield, represented Tory Burch.

Average asking rents in the building are $53.30 a square foot, according to CoStar. 

In a statement, Trinity Real Estate president Jason Pizer said “Hudson Square has become a hub for creative industries and businesses drawn by the dynamic energy and the flexibility and quality of the space.”

“Tory Burch is a marquee retail brand and a wonderful addition to our community,” he added.

UPDATE (5:03 pm, 5/24/12) 

In addition to its new Hudson Street offices, Tory Burch will remain in its corporate office and showroom space at 11 West 19th Street, said Mr. Packman.

The company will be taking space that was recently vacated by Havas Group, which signed a blockbuster deal in April to set up its NYC headquarters at 200 and 205 Hudson Street, both Trinity Real Estate properties.
The lease transaction was quick, closing in fewer than six weeks, said Mr. Packman.
“We had other prospects at the time,” he said. “I think they [Tory Burch] got serious when it became clear they had a free and clear path to close the deal.”
“We feel Tory Burch is a great tenant for the portfolio, the right image for the building, and it fits in very well with the neighborhood and the type of tenant we want in our portfolio,” he added.
Tory Burch will be joining fellow fashionistas Jen Kao and Phillip Lim as being among Trinity Real Estate’s most stylish tenants.
Jen Kao signed a 10-year lease for 9,715 square feet of office space at 10 Hudson Square in November 2011, while Phillip Lim took 10 years and 25,000 square feet at 304 Hudson Street in April 2011.

drosen@observer.com