Designer Herman Miller Inks Soho Deal
Daniel Edward Rosen May 23, 2012, 8:30 a.m.
Furniture designer Herman Miller signed a 3-month lease to take a 13,500-square-foot pop-up store at 64-68 Wooster Street, a Soho building owned by Zar Property NY.
Herman Miller, a 100-year-old company that is headquartered in Michigan, moved into the space in April. The company wanted to operate the pop-up store in time for the International Contemporary Furniture Fair at the Jacob K. Javits Center, which ended yesterday.
“They had a couple of events related to the furniture field and a lot of parties,” said David Zar of Zar Property, who represented ownership in-house in the lease transaction.
Marc Simon of Isaacs & Company represented Herman Miller during the negotiations.
Zar Property said that it recently brought a space out to market for long-term occupancy. The newly marketed space, which is a combination of retail and office, can be as big as 31,000 square feet and can be spread out over the course of the 2nd, 3rd, and 4th floors.
“We’re going to offer a couple of the upper floors, if a tenant wants to move in their entire operation and get possible branding of the building,” added Mr. Zar.
Zar Property purchased the building in 2009 for $12.65 million. The Ohio Theatre Company, which had been in the building during the time of the purchase, would eventually lose its rehearsal space and its first floor theater space, where the Herman Miller pop-up store now stands.
Average asking rent in the 49,000 square foot building is $90.34 a square foot, according to CoStar.
Daniel Edward Rosen is reachable at Drosen@observer.com