London-based Gallery Coming to Thor’s 693 Fifth Avenue
Terence Cullen July 22, 2015, 7 a.m.
Carpenters Workshop Gallery, a London-based art gallery, has inked a deal for its first U.S. location with the top two floors at 693 Fifth Avenue, Commercial Observer has learned.
The gallery, which has two locations in London and one in Paris, will be in 5,300 square feet between the 19th and 20th floors of the Thor Equities building between East 54th and East 55th Street, according to a source familiar with the deal.
Asking rent in the 15-year deal was $95 per square foot. The deal closed on Monday.
Jonathan Travis of Redwood Property Group represented Carpenters Workshop Gallery, while Adam Rappaport of Thor represented the landlord in-house. A Thor spokesman declined to comment.
It’s not immediately clear when the gallery will move into the space, Mr. Travis said, but work on the floors is expected to start soon. Carpenters Workshop Gallery is going to benefit from the column-free open spaces and private elevator (not to mention 30-foot ceilings on the 20th floor), he added.
“The building’s location itself was ideal to them,” Mr. Travis said. “They’re going to build a beautiful, high-end showroom.”
Valentino is the largest tenant in the 105,422-square-foot building, according to CoStar. The Italian retailer has 19,600 square feet between the lower level, ground, second and third floors. Louis Licari, a hair salon and colorist, has 9,078 square feet of retail and office space.