Cosmetics Manufacturer Coty Takes Retail Space in Times Square
By Rebecca Baird-Remba May 4, 2018 5:32 pm
reprints
Beauty product maker Coty has leased a five-story retail building in Times Square for its flagship, landlord SL Green (SLG) Realty Corp. announced in a press release.
Coty owns several major cosmetics brands, including CoverGirl, Max Factor, Rimmel, Sally Hansen, Clairol and OPI Products, and it produces fragrances for Marc Jacobs, Hugo Boss, Gucci, Burberry, Calvin Klein and Adidas.
The perfume, haircare and makeup giant inked a 10-year, 10,040-square-foot lease for the entirety of the property at 719 Seventh Avenue, also known as 30 Times Square. The 104-year-old conglomerate also leased all 5,800 square feet of the building’s LED billboards. Asking rent for the space wasn’t disclosed. Women’s Wear Daily first broke the news of the deal.
SL Green finished developing the building at the corner of West 48th Street last year, and Coty is expected to take over the space in July.
“As the retail world evolves, Times Square has transformed, delivering state-of-the-art customer experiences, high sales volumes, social media engagement and global marketability, all of which are highly desirable in the current retail landscape,” said Brett Hershfeld, an SL Green managing director, in prepared remarks.
RKF’s Ariel Schuster, Ross Berkowitz, Mitch Heifetz and Jason Wecker represented SL Green and JLL’s Michael Hirschfeld represented Coty on the transaction. A JLL spokesman didn’t immediately respond to a request for comment.
Schuster told Commercial Observer Coty leasing the property for its flagship is “a good example that Times Square is a market that’s drawn a lot of non-traditional retail tenants. Smart landlords are able to attract non-traditional retailers. Times Square is an incredible market and opening stores there really makes a statement to the whole world.”
