Revamp, Free Rent Keep Lacoste at 551 Madison
Tom Acitelli July 26, 2010, 7:17 p.m.
551 Madison Avenue
Proving that thinking out loud has its benefits in today’s leasing market, Lacoste U.S.A. renewed its lease at 551 Madison Avenue under pretty spiffy terms.
It started like this: The designer clothier had four years left on a 32,000-square-foot lease, and flirted with leaving. To entice it to stay, according to The Wall Street Journal, Lacoste received revamped space at a lower rent under a new 13-year lease for 35,000 square feet at the 17-story building. Lacoste will get the top five floors, which will be rebuilt-and, to boot, th e landlord, the Massachusetts Pension Reserves Investment Management Board, is picking up half of the upgrade costs for the floors.
Plus! The space, The Journal reports, includes a new 8,000-square-foot showroom that’s in the penthouse, and Lacoste also gets an outdoor terrace! And 12 months of free rent!
Cushman & Wakefield’s Frank Coco, Don Preate and Jamie Katcher, the exclusive leasing agent for the building, represented both the tenant and the landlord.