Elizabeth Arden Signs Lease for 10,000-Square-Foot Spa at 200 Park Avenue South
Billy Gray April 10, 2013, 8 a.m.
Cosmetics giant Elizabeth Arden inked a deal that will bring the company’s Red Door Spa to 10,000 square feet at 200 Park Avenue South, The Commercial Observer has learned.
Joseph A. Cabrera, Edward Weiss, Michael Gordon, and Robert Gibson of Cushman & Wakefield represented the tenant. Gregg Schenker, Mark Tergesen and John Gols of ABS Partners Real Estate represented the landlord, 200 Park South Associates LLC. Gary Trock of CBRE also worked on the ownership side of the transaction.
Asking rents were $425 a square foot for the ground floor and $100 a square foot for the lower level.
The corner location on Park Avenue South at 17th Street is near the northern border of Union Square and features 100 feet of wraparound frontage. Red Door Spa will occupy 2,500 square feet on the ground floor and 7,500 square feet on the lower level.
“We had interest from all sorts of different tenants,” Mr. Tergesen said. “There were apparel companies, banks and, surprisingly, a lot of restaurants who weren’t deterred by the lower level space.”
“I think any retail deal these days has a level of complexity as far as nuances and uses,” he added.
There are 30 Red Door Spa locations nationwide. Currently, there are two Red Door Spas in New York, at 663 Fifth Avenue and 130 West 44th Street, in The Chatwal hotel. The Union Square branch will include the spa’s retail flagship in addition to traditional spa services.
Mr. Gols said the ABS team was “delighted that Arden recognized the value of this location and property.”