Lease Beat

Revlon Relocates to 1 New York Plaza

Revlon has reportedly signed a 15-year lease for the top two floors at Brookfield Office Properties1 New York Plaza in a relocation from 237 Park Avenue, joining a flight of value-seeking firms to recently head Downtown.

One_New_York_Plaza

1 New York Plaza.

The 91,194-square-foot lease covers floors 49 and 50, the latter of which is a glass box-style penthouse with 15-foot ceilings, according to the New York Post, which first reported the deal earlier this week and noted that former occupant Goldman Sachs removed columns from the space to accommodate their trading floor. 

Cost may have been a factor in the cosmetics manufacturer and seller’s decision to depart its Midtown offices to Downtown, following a string of other tenants heading to points south in Manhattan, seeking cheaper rents in comparable space. Asking rents were $50 per square foot, while its former uptown rents may have stretched into the $70 per square foot range, according to the Post.

Cushman & Wakefield’s Jodi Roberts and Josh Kuriloff represented Revlon, while in-house brokers Duncan McCuaig and Jerry Larkin represented the landlord together with a CBRE team of Ken Rapp, Adam Foster and Peter Turchin

Just after news broke that Revlon would be taking the space at 1 New York Plaza, Commercial Observer reported that the National Association of Insurance Commissioners is also relocating to the property.

The regulatory organization’s 19,218-square-foot space across a portion of the 42nd floor will house its Capital Markets and Investment Analysis Office, and the organization comes into the building at rents starting in the lower $40 per square foot range.

Located at Water and Whitehall streets on the southern tip of Manhattan, 1 New York Plaza reopened in November of 2012 after it was battered by Hurricane Sandy. A 31,000-square-foot retail concourse was rebuilt after the building’s lower levels were flooded with an estimated 23 million gallons of seawater.

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