Garment District Clothier Inks 31K SF to Relocate Across the Street
The nearly six-decade-old company, which makes clothing for women and children under the brands Liz Lange (sold at Target) and Cherokee (sold at Walmart and Macy’s Backstage), will occupy part of the sixth floor of the 43-story building between West 38th and West 39th Streets in the Garment District. The asking rent in the 11-year deal was $60 per square foot, a spokeswoman for CBRE said.
ES Sutton is relocating its offices from across the street at 1400 Broadway, where it has 39,658 square feet on the 26th and 27th floors, according to CoStar Group. It was not immediately clear when ES Sutton would move into its new digs.
“ES Sutton was looking for a new location to build a modern installation that fit their brand and offered flexible growth,” CBRE’s Brett Shannon, who represented Shorenstein Properties, said in a statement to Commercial Observer. “Following the completion of the recent renovations at 1407 Broadway, the building’s modern feel provided the stature and aesthetic that reinforces ES Sutton’s image.”
Shannon handled the deal alongside colleagues Keith Caggiano, Ben Fastenberg, Gregg Rothkin, Peter Turchin and Ross Zimbalist. Benchmark Properties’ Michael Beyda, who represented ES Sutton, declined to comment on the deal, citing contractual restrictions.
Shorenstein Properties acquired a 34-year leasehold on the 1.1-million-square-foot building in April 2015 for $330 million, and then spent $30 million to renovate it, as CO previously reported. (Solil Management owns the ground under the property.)
A number of large-scale leases have been completed at the building this year. In the summer, the late Vince Camuto’s apparel and accessories company VCS Group took 42,748 square feet, and in November cable provider Comcast completed a 100,000-square-foot transaction at the tower, as CO reported at the time.