Pucci International has signed a 49,875-square-foot, 10-year lease renewal at Forty Four Eighteen Associates’ 44 West 18th Street, Commercial Observer has learned.
The lease covers floors nine, 11 and 12–each measuring 16,625 square feet–the latter of which is the crowning piece of the furniture manufacturer’s newly renovated showroom.
“The area is really happening and they just love the space, where they have built a beautiful showroom,” said Adams & Co.’s James Buslik, who represented the landlord and tenant with Alan Bonett.
“They have the top floor of a building between the Flatiron District and Union Square in a very vibrant area with residential [projects] coming up in the vicinity.”
The 10-year lease was an early renewal and what Mr. Buslik characterized as a win-win for both parties.
“It’s so expensive to move and the cost of construction is just so high that if people like where they are it’s in their best interest to stay,” he said. “We are seeing a lot of this in the market right now and especially in the Flatiron Distirct, an area that is better than when this tenant first arrived.”
“There’s also the advantage to the landlord of getting the cash now… and not having to reinvent the wheel,” he said.
Earlier this year distribution and monetization platform TABOOLA announced that it would be moving into a 6,142-square-foot space at the building.
Adams & Co. is the exclusive leasing agent at the building, where asking rents are as high as $50 per square foot for the top floor.