Linen-Maker Inks 30K-SF Sublease Near Herald Square
By Terence Cullen December 8, 2015 11:30 am
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Excell, a maker and supplier standard and fancy bath linens, is moving to Empire State Realty Trust’s 1333 Broadway at the corner of West 35th Street in a sublease, where it is more than doubling its space.
The company will take 29,566 square feet on the eighth floor from Global Brands, according to a press release from the CBRE, the tenant’s representative. Excell is leasing the space for seven years. CBRE declined to provide the asking rent, but it’s been $55 per square foot in recent deals on similar floors, CoStar shows.
“As an innovative home fashions company, Excell wanted to find a compelling place to work and grow,” said Michael Monahan of CBRE, who represented the tenant with colleague Jared Freede, in prepared remarks. “1333 Broadway offered a built showroom floor in excellent condition, as well as an ideal office location proximate to the Penn Plaza and Herald Square neighborhoods.”
Mitch Konsker, Ben Bass, Daniel Turkewitz and Alex Chudnoff of JLL represented the sublandlord. A JLL spokesman did not immediately respond to a request for comment.
Excell is slated to move to the 100-year-old building next June, per the CBRE release. The linen company is moving from 295 Fifth Avenue between West 30th and West 31st Streets—a few blocks away from its new office. The new lease will be a big upgrade for the company: it currently leases 12,000 square feet at its Fifth Avenue office, according to CoStar.
