Italian shoe designer, Bruno Magli, recently signed a 10-year, 5,174-square-foot lease at 4 West 58th Street. Building owner, Solow Management, initially asked for $80 per square foot, said Jones Lang LaSalle vice president, Michael Higgins, who represented the tenant. He would not disclose the final negotiated price. The landlord is currently asking for $85 per SF in the building, he added.
The company intends to set up camp on the building’s tenth floor, earmarking about 60 percent of its new space as a showroom and the remaining area for office use, said Mr. Higgins. The shoe designer scouted 15 locations during an approximately two month long search, mostly in midtown along Madison Avenue. “They were looking to be close to their buyers,” Mr. Higgins said.
“We also looked in the Meatpacking District,” he explained. “In the end we decided that the traditional neighborhood near 4 West 58th Street (was most appropriate).”
The tenant felt drawn to the boutique building due to its location and its view of Grand Army Plaza and Central Park, while not having a corporate feel, Mr. Higgins said.
“The views and the floor play were really a perfect fit for them, just like their shoes,” he said.
Scott Panzer and Steven Rotter, vice chairman and managing director with JLL respectively, represent the landlord in the transaction. Solow is making electrical and major mechanical upgrades to the entire building, Mr. Rotter said. “This is the first tenant in the building so there’re going to be a number of high-end retailers, high-end financial firms.” Those prospective tenants include boutique fashion companies, he added.
Bruno Magli and Solow Management did not respond to requests for comment Monday.