Leases  ·  Office

Luxury Watchmaker Audemars Piguet Doubling Offices at Tower 57


Swiss watchmaker Audemars Piguet has signed a 7,000-square-foot lease, double the size of its offices downstairs, at Charles S. Cohen’s Tower 57, Commercial Observer has learned.

The company, which crafts luxury timepieces, will occupy the entire 29th floor of the 32-story building, which also has an address of 135 East 57th Street, at the corner at Lexington Avenue and East 57th Street, according to information provided by the landlord. The asking rent in the 11-year transaction was $95 per square foot.

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It will move out of 3,300 square feet on part of the building’s 20th floor into the new space by the end of the year, the landlord said via a spokesman.

Marc Horowitz, a senior vice president and the national director of office leasing at Cohen Brothers Realty Corp.—where Cohen is president and chief executive officer—represented both Audemars Piguet and the landlord in the deal. Horowitz did not immediately return a request for comment on the deal.

Cohen acquired the building in 1997 for $115 million, according to the New York Daily News at the time. Coworking giant WeWork (WE) has about 100,000 square feet in the 427,000-square-foot building, after it signed an expansion deal in November 2016, as CO previously reported. Other tenants include real estate developer Olnick Organization, which has 13,000 square feet and California-based software provider InvestCloud, which occupies 11,000 square feet.