Lease Beat

Designer Leads 10 New Deals in ESRT Portfolio

501 Seventh Avenue.

Empire State Realty Trust has leased over 40,000 square feet of space in three of its Manhattan office buildings to 10 new tenants, the real estate investment trust announced this week.

In the largest of the new deals, P. Devos Designs Inc. signed a 7,628-square-foot lease at 501 Seventh Avenue. The tenant, better known as fashion designer Pamella Roland, was represented by Steven Pressler of Coldwell Banker. The term of the deal was not disclosed. Read More

Lease Beat

PVH Corp. Renews, Expands Lease for Warnaco Group at 501 Seventh Avenue

501 Seventh Avenue.

PVH Corp. has signed a long-term renewal and expansion deal for its Warnaco Group unit at the Empire State Realty Trust’s 501 Seventh Avenue. The renewal adds more than 37,000 square feet to the lease, upping Warnaco’s total occupancy to 223,616 square feet.

PVH, which owns brands including Tommy Hilfiger, Calvin Klein and IZOD, acquired Warnaco, which owns the licenses for Calvin Klein jeans and underwear, in February of this year. The $2.9 billion deal brought all Calvin Klein-branded apparel under a single entity and followed the company’s previous acquisition of Tommy Hilfiger for $3 billion in 2010.

Read More

Controversies

Attorney General Reviewing Helmsley Estate Sale

Leona

The New York State Attorney General’s office is reportedly reviewing the Leona M. Helmsley estate’s liquidation of its stake in the properties launched as part of the Empire State Realty Trust REIT last month, which includes the Empire State Building.

The process will begin once the Helmsley estate files a final accounting of the sale Read More

The Plan

Empire State Realty Trust Launches New Pre-Builts (Check Them Out Here)

1CO4200A1112

With Midtown South pricing out tenants in search of smaller blocks of space, the Empire State Realty Trust has designed prebuilt office space on the 16th floor of 501 Seventh Avenue to harness the demand spilling over to other parts of the market.

Considering two types of prebuilds—office and creative—ESRT opted for creative, targeting media, tech and advertising firms. “We don’t cater to the garment industry anymore,” said Fred Posniak, senior vice president, frankly. Built for immediate occupancy, the four prebuilt spaces at 501 Seventh Avenue range in size from 2,641 square feet to 5,810 square feet.

Mr. Posniak spoke to The Commercial Observer last week about benefits and unique features offered on the 16th floor.

Read More