Fashion label Theory has signed a 16-year lease for 79,000 square feet of space at 2 Gansevoort Street in the Meatpacking District.
First reported by the New York Post, the deal marks the end of any vacancies at the 199,000-square-foot landmarked building, which was previously known as 320 West 13th Street. Theory will occupy part of the ground floor of the property, as well as the entire second, third and fourth floors, and is expected to move in during the first quarter of 2015.
According to the Post, asking rents in the building range from $90 to $115 per square-foot. Ennead Architects, CRT Tanaka and White Columns Gallery are also tenants.
Brian Waterman and Lance Korman from Newmark Grubb Knight Frank represented Theory, and Michael Lenchner, the vice-president of William Kaufman’s leasing/management division represented the landlord in-house.
“Combining style and state-of-the-art features, moving to 2 Gansevoort allows Theory to showcase their contemporary brand in a building with history and character while maintaining their presence in the Meatpacking District,” Mr. Lenchner said in a statement.
Theory has 16 signature retail stores throughout the U.S., as well as 13 outlet stores.