F. Schumacher & Co. is leaving its digs at 79 Madison Avenue between East 28th and East 29th Streets this summer, Commercial Observer has learned.
The fifth-generation, family-owned decorative textile supplier which boasts clients including the White House and the Chambers of the United States Supreme Court is heading to new space at 875 Avenue of the Americas at West 31st Street. The company has signed a 10-year lease for 11,604 square feet on the entire 14th floor in the building, according to a press release from the New York office of Lee & Associates. The asking rent was $53 per square foot.
Lee & Associates’ Dennis Someck, Mitchell Kunikoff and Peter Braus represented the landlord in the deal. Derek Myers and Ryan Mandrell of Newmark Grubb Knight Frank represented the tenant. They weren’t able to comment by publication time.
“The building is very excited to welcome one of America’s most respected names in interior design for more than 125 years,” said Mr. Braus in prepared remarks. “Signing F. Schumacher & Co. is the latest indication of the transformation of 875 Avenue of the Americas into a premier Midtown South office property.”
The 26-story, 1920s building recently underwent a $3 million capital improvements program that included comprehensive infrastructure upgrades, renovations to the lobby, common areas and bathrooms, and installation of new elevators, operable thermal-pane windows and a state-of-the-art HVAC system.