Coach, the purveyor of luxury leather goods, has agreed to add 150,000 square feet to its already sizable footprint at the South Tower at Hudson Yards, The NY Post reports.
All told, the deal would give Coach 750,000 square feet in the Related Cos. building, making the luxury brand the anchor tenant in the Hudson Yards development.
Related is planning to start construction on the 46-st0ry, 1.7 million square foot tower in the Hudson Yards development sometime this fall, shortly after it completes its purchase of a 99-year ground lease with the MTA for $1 billion in September. Related Cos., lead by Miami Dolphins owner Stephen Ross, is expected to close its sale of the office space to Coach, which is buying its new headquarters as an office condominium in the deal, reports Steve Cuozzo.
The total cost of the South Tower is expected to hit $1 billion, according to reports.
Coach has an option to tack on an additional 100,00o square feet to its final tally, potentially giving it 850,000 square feet in the South Tower.
When reached to confirm the story, Mary Ann Tighe, the CBRE broker who represented Coach in the deal, told The Commercial Observer: “I can’t talk about deals that aren’t done yet.”
Bob Alexander and Rob Stillman, both of CBRE, are the exclusive leasing agents for the South Tower.
Coach will turn its new offices into its corporate headquarters, while also consolidating three New York City offices into the South Tower, sometime by 2015.