Luxury department store Barneys New York has signed a 71,000-square-foot renewal and expansion of its headquarters at 575 Fifth Avenue.
The company will occupy the entire ninth through the 11th floors of the 40-story Midtown tower between West 46th and West 47th Streets, as The Real Deal reported. The firm had occupied the entire 10th and 11th floors, for a combined 47,000-square-feet.
Barneys’ latest deal was preceded by its decision to move a portion of its visual operations to Queens last year. The firm signed a lease for 10,000 square feet of space at 5-25 46th Avenue in Long Island City, as Commercial Observer previously reported.
For the headquarters deal, Ross Perlman of Newmark Grubb Knight Frank handled negotiations for Barneys, while Keith Caggiano, Gregg Rothkin and David Caperna of CBRE represented the landlords of 575 Fifth Avenue, MetLife and Beacon Capital Partners.
The CBRE team declined to talk about the deal via a spokeswoman, while a spokeswoman for Mr. Perlman did not return a request for comment.
Boston-based Beacon Capital Partners borrowed $321 million in financing from Deutsche Bank last year to acquire a 50 percent stake in 575 Fifth Avenue, which is a condominium, as CO previously reported. MetLife purchased the building in 2005 for $385 million, The New York Post reported at the time.
Other tenants in the tower include Guess, Westpac Banking Corporation, and Arbitron.