Media Company Xcel Brands Subleases Nearly 30K SF at 1333 Bway
Brand development and media company Xcel Brands is relocating to Empire State Realty Trust’s 1333 Broadway from 475 10th Avenue between West 36th and West 37th Streets, Commercial Observer has learned.
The four-year-old company, which focuses on the design, licensing, marketing and direct-to-consumer sales of consumer products, will occupy 29,566 square feet on part of the 10th floor in the 12-story building between West 35th and West 36th Streets, a source with knowledge of the deal said.
The deal, with an asking rent of $52 per square foot, is a sublease through Oct. 30, 2027 with Global Brands Group, which designs, develops, markets and sells lifestyle products. GBG will be consolidating into its existing premises at the Empire State Building, also owned by ESRT, the source said. In August, CO reported that The Levy Group, an outerwear and dress company which manufactures products for Vera Wang, Perry Ellis, Elie Tahari and Betsy Johnson was relocating to more than 40,000 square feet through a sublease with GBG.
Tenants in the building include Aetna Life Insurance Company, Li & Fung USA, New York Outdoor and Océ-USA Holdings.
Robert and David Emden and Joshua Berg of Newmark (NMRK) Grubb Knight Frank represented the tenant in the deal. Mitchell Konsker, Alexander Chudnoff, Ben Bass and Dan Turkewitz of JLL (JLL) represented GBG. A spokeswoman for NGKF didn’t immediately respond to a request for comment. The JLL brokers didn’t immediately respond via a spokesman.