Gap Inc. Inks 20K-SF Deal at Industry City for Marketing Space
Terence Cullen April 28, 2016, 10:24 a.m.
The clothing retailer is taking 20,000 square feet at Building 4, which has an official address of 88 35th Street between Second and Third Avenues, according to a press release from the complex’s owners. The deal closed in March with Gap Inc. slated to move in this spring.
“Industry City’s unique combination of established companies like Gap Inc. and wide range of start-ups makes for a truly dynamic environment not found elsewhere in New York City,” Andrew Kimball, the chief executive officer of Industry City, said in prepared remarks. “Gap Inc. will further augment the property’s growing innovation economy ecosystem that is merging design, tech, and fashion into one collaborative community.”
Asking rent at the 16-building complex ranges from $15 to $35 per square foot, according to an Industry City spokeswoman.
Eric Deutsch and Jason Pollen of CBRE represented the tenant, while Brett Harvey and Jeff Fein of Industry City represented the landlord in-house. Gap Inc.’s brokers were not immediately available for comment.
Gap Inc.—whose companies include The Gap, Old Navy and Banana Republic—will be using the space for photo shoots as well as designing marketing materials, according to the landlord. This is one of the larger fashion deals signed at the property lately, according to Women’s Wear Daily, which first reported news of the deal.
It will be the second legacy firm to take office space at the 6-million-square foot complex, which is owned by a Jamestown– and Belvedere Capital-led partnership. Time Inc. announced last summer it would move 300 employees into 55,000 square feet at the Brooklyn waterfront commercial park. The company started moving into the space this past December, as Commercial Observer previously reported.
Industry City is also renovating 500,000 square feet at Building 19 that it’s planning to market to creative and technology tenants, as CO reported earlier this week. A team from Newmark Grubb Knight Frank has been tapped to shop around that space.
The Gap Inc. deal also bucks the recent trend of clothing retailers opting for Long Island City to move their photo teams. In the last year, Macy’s and Ralph Lauren have signed large-scale deals at The Factory in LIC to move photo operations for their respective marketing materials.