Gucci Seals 84K-SF Deal at L&L’s 195 Broadway
Lauren Elkies Schram July 21, 2015, 10 a.m.
Luxury retailer Gucci has finalized a deal for 83,964 square feet at L&L Holding Company‘s 195 Broadway at Fulton Street, Commercial Observer has learned.
At the end of the first quarter in 2016, Gucci will be relocating from its current location at 685 Fifth Avenue at East 54th Street through a 15-year lease on the 12th and 14th floors (there is no 13th floor) at 195 Broadway, a source with knowledge of the deal told CO. Gucci is taking part of the 400,000 square feet occupied by anchor tenant Thompson Reuters Markets, which will be moving out at the end of the year. The asking rent was $55 per square foot, as CO reported in April when it broke the news that Gucci was negotiating at the building.
Cushman & Wakefield‘s Bruce Mosler, Mark Mandell and Ethan Silverstein represented Gucci in the deal, while David Berkey and Andrew Wiener represented L&L in-house. A spokesman for C&W said the team declined to comment and a spokesman for L&L didn’t immediately respond to a request for comment.
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.
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, 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 CO.