Online Beauty Company Glossier Leases Full Floor at One Soho Square
By Rebecca Baird-Remba April 12, 2017 4:48 pm
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Glossier has inked an 11-year deal for office space on the 10th floor of Stellar Management’s One Soho Square, becoming the second major beauty company to move into the two-building development at Spring Street and Avenue of the Americas.
Glossier, a three-year-old cosmetics company that grew out of beauty blog Into the Gloss, committed to 26,000 square feet in One Soho’s 15-story east tower, 161 Avenue of the Americas, according to a release from Stellar. The company is relocating from its penthouse Soho headquarters at 123 Lafayette Street, where it recently opened a portion of its offices as a showroom and shop.
The makeup and skincare startup is getting $3 million in state tax credits for expanding and relocating its 61-person team, which will create 282 jobs, according to a release from the governor’s office.
It joins MAC Cosmetics, which just leased the 10th floor and glass penthouses on the 11th through 13th floors of the 13-story west tower at 233 Spring Street, Trader Joe’s, Aveda, Warby Parker, Managed by Q and National Geographic.
The asking rent wasn’t immediately available, but reported asking rents for previous tenants in the building have ranged from $80 to $120 per square foot.
Stellar Management combined the pair of prewar loft buildings into a single complex with a glass core, rooftop garden and new penthouse floors. Rockpoint Group originally codeveloped the project, but Stellar bought out its partner last year, in a deal that revalued the buildings at $650 million.
Glossier was represented by Sinclair Li and Daniel Wilpon from CBRE, and Brent Ozarowski, David Malawer, Andrew Peretz and Brian Waterman from Newmark Grubb Knight Frank represented the owner. CBRE declined to comment through a spokeswoman.
“Glossier is the type of tenant that adds a certain cachet to a building and inspires other similar brands to follow,” said NGKF’s Brian Waterman in prepared remarks. “Millennial-focused companies such as this one are looking for interesting, unique spaces that reflect their brand’s values and aesthetic, and we’re excited that they find those opportunities at One Soho Square.”
