South Korean Cosmetics Firm Moving to Larger Digs Within Midtown
AmorePacific, a South Korean-based cosmetics company, will move its U.S. headquarters to bigger digs less than a block away in Midtown, brokers on the deal told Commercial Observer.
The firm inked a 10-year deal for 24,714 square feet, or the entire second floor, at 1407 Broadway between West 38th and West 39th Streets, according to a spokeswoman for Kaufman Organization, which brokered the deal for the tenant. Asking rent was $59 per square foot.
AmorePacific currently has its U.S. headquarters in 15,000 square feet at 1385 Broadway and plans to relocate to its offices in June, the spokeswoman said.
Jeffrey Rosenblatt of Kaufman, who worked on the deal with James Clearly, said in a statement: “The space at 1407 Broadway was a great fit, as it allowed them to expand onto a single floor and remain in the area.”
Brett Shannon, Peter Turchin and Gregg Rothkin of CBRE (CBRE) handled the transaction for the landlord, Shorenstein Properties. A spokeswoman for CBRE did not immediately respond to a request for comment.
Shorenstein Properties bought a 34-year master lease for the 1.1-million-square-foot tower from Abraham Kamber & Company and a sub-ground lease from Lightstone Group in 2015 for a combined $330 million, CO previously reported. Solil Management owns the ground under the building.
Other tenants include cable provider Comcast, software company Black Mountain Systems and clothing manufacturer ES Sutton.