Lease Beat

Giorgio Armani Moves to the Milk Studios Building

Giorgio Armani is getting a view over the High Line. The Italian fashion company has inked a lease for a 60,000-square-foot space at 450 West 15th Street in the Meatpacking District, sources familiar with the transaction confirmed to The Commercial Observer, and is due to move its headquarters and showroom to the space in October 2013.

450 West 15th Street.

450 West 15th Street.

The eight-story, 325,000-square-foot office building bordering the High Line is commonly known as the Milk Studios building, from the photography studios that are based there. Other tenants are global healthcare communications agency Chandler Chicco and fashion companies Mulberry and Tod’s. Giorgio Armani will move into the space which is currently occupied by auction house Phillips de Pury & Co.

The fashion house is moving out of 114 Fifth Avenue after 22 years. The Commercial Observer previously reported that Armani Exchange is leaving its offices at 111 Eighth Avenue, a property that Google owns and largely occupies.
By then, the building’s landlord could be different. The current owners, Rockpoint and Stellar Management, are said to be close to selling the property to Jamestown Properties, the owner of the Chelsea Market, for $300 million.

Cushman & Wakefield, which represented Giorgio Armani in this deal, declined to comment on the transaction. Giorgio Armani’s media representatives and the landlord’s broker, Newmark Grubb Knight Frank, did not return calls requesting  comment and the amount of the rent has not been disclosed.
apirolo@observer.com

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