The International Gemological Institute has signed a 10-year, 20,400-square-foot lease at 551 Fifth Avenue in the Diamond District—the Art Deco tower known as the Fred F. French Building.
IGI’s president and chief executive, Jerry Ehrenwald, estimates that the new space offers about 15 percent to 20 percent more usable space than the institute’s current location at 589 Fifth Avenue. The building’s Read More
Schoeman, Updike & Kaufman, LLP will move into the historic Fred F. French Building in the coming months.
The female-owned law firm will make the move from their office at 60 East 42nd Street to the Feil Organization-owned 551 Fifth Avenue. The new office spans a little more than 16,000 square feet on the 12th floor.
Tales of Retail
The Feil Organization’s 551 Fifth Avenue, known as the Fred French building, will soon be home to a unique shopping experience. Retailer Tommy Bahama signed a 12-year lease for 8,500 square feet of space at the Art Deco tower back in January 2011 and this November plans to open its first standalone New York store—which will include a restaurant and bar.
The Commercial Observer spoke to Rob Goldberg, Tommy Bahamas’ senior vice president of marketing, who detailed how the location will be tailored to the New York City market—and why the retailer expects the location and its combination restaurant-bar-retail to not only provide branding but turn a profit.