Beauty Packaging Company Renews 13K-SF Lease in Midtown East
By Liam La Guerre November 18, 2016 1:00 pm
reprints
Albea Beauty Solutions inked a renewal for its 12,783-square-foot offices at Vornado Realty Trust’s 595 Madison Avenue, Commercial Observer has learned.
The firm, a beauty, personal care, and pharmaceutical packaging and manufacturing company, will continue to occupy the entire 10th floor of the building between East 57th and East 58th Streets, according to information from Savills Studley provided to CO.
Albea has been in the tower for nearly 20 years. It renewed for an additional 10 years because the landlord was able to provide lower rents than it was paying, a spokeswoman for Savills Studley said. The asking rent in the deal was $78 per square foot, but the brokers that worked on the declined to say specifically what the company was paying previously.
Another reason beauty company chose to renew is because it “enabled the company to remain in a desirable location close to important clients,” according to Savills Studley’s Daniel Horowitz, who represented the tenant with colleagues Jeffrey Peck and Gary Kerper.
“We have a nearly 20-year history at 595 Madison and we’re pleased to be able to continue that tradition,” Jose Filipe, an executive vice president at Albea Beauty Solutions, said in a statement. “It’s a premier destination and Vornado has been a good partner to us throughout the process and was able to provide economic solutions that made sense for our business.”
Andrew Ackerman and Edward Riguardi, who represented Vornado in-house, did not immediately return a request for comment via a spokesman.
