The mystery of where Gucci is taking office space Downtown has been solved.
While it was widely known that the fashion retailer was searching for office space in the Financial District, Commercial Observer can exclusively reveal the location of its new digs: 195 Broadway.
Gucci is negotiating for 80,000 square feet over two stories at 195 Broadway at Fulton Street, where the asking rent is $55 per square foot, according to a source with intimate knowledge of the deal.
In February, Nobu, owned by Robert DeNiro, Drew Nierporent and chef Nobu Matsuhisa, signed a 15-year lease for the 14,384-square-foot space on the ground floor and lower level at 195 Broadway.
Cushman & Wakefield‘s Bruce Mosler, Mark Mandell and Ethan Silverstein are representing Gucci in the deal, while David Berkey and Andrew Wiener are representing the landlord, L&L Holding Company, in-house. Mr. Mosler didn’t respond to a request for comment and L&L declined to comment.
L&L Chairman and Chief David Levinson and partners bought the Financial District property for $206 million in 2005. In November 2013, L&L and Beacon Capital Partners recapitalized the building by selling the majority interest to JP Morgan for $498.5 million. L&L Holdings, owner of what was AT&T‘s original world headquarters, spent eight years investing $50 million in efforts to convert the lobby to retail space, Mr. Berkey previously told Commercial Observer.
Gucci will be relocating from 685 Fifth Avenue.