Betsy & Adam, a dressmaker with collections at Bloomingdale’s, Lord & Taylor and Dillards, has signed a 21,000-square-foot lease at 525 Seventh Avenue for its headquarters and showroom, Commercial Observer has learned.
The company will occupy the entire 21st floor of the 24-story Olmstead Properties-owned building between West 38th and West 39th Streets, according to the company’s broker Savitt Partners. The average asking rent at the 23-story office tower is $60 per square foot. The lease is for 10 years.
It will move its operations from nearby 1400 Broadway, also between West 38th and West 39th Streets, by the end of the year. Betsy & Adam has 20,000 square feet at the Broadway building on part of the sixth floor.
One of the reasons for the move is to occupy an entire floor, according to Marc Schoen of Savitt Partners.
“The principals at Betsy & Adam looked at several buildings in the Fashion District and 525 Seventh Avenue offered the ideal location, along with a rare full tower floor that became available,” Schoen, who worked alongside colleague Brian Neugeboren, said in a statement.
Steven Marvin and Sam Friedfeld of Olmstead Properties represented the landlord in-house. Marvin did not return a request for comment.
The 520,000-square-foot building at 525 Seventh Avenue is home to garment business tenants such as women’s wear designer Nicole Miller and women’s fashion brand Notations as well as apparel company NYC Alliance.