Home Goods Maker Subleases From Avon at 777 Third Avenue
The supplier of comforters and towels has subleased 24,650 square feet from Avon on the entire seventh floor of the building between East 48th and East 49th Streets, according to a press release from Cushman & Wakefield. The asking rent in the deal wasn’t disclosed, but asking rents in the building range from $68 to $70 a square foot, Commercial Observer reported late last year. The sublease runs through June 2026.
WestPoint will relocate uptown from its current headquarters at 28 East 28th Street in Kips Bay.
Avon left 270,000 square feet in the building in 2017 when it moved to 91,000 square feet in One Liberty Plaza, as CO reported at the time. In 2016, it announced that it would move its headquarters to the United Kingdom and cut 2,500 jobs worldwide.
Cushman & Wakefield’s Dale Schlather, Jonathan Fales, Michael Burlant, Heather Thomas and Greg Herman represented Avon, along with Michael Katz and Zach Cherney of ACTIO Corporate Asset Advisors.
“The property’s open-floor plans and flexibility, along with its superior, transit-oriented location have greatly contributed to the vast interest and successful subleasing we’ve had in the building this year,” Schlather said in prepared remarks. “After this transaction, Avon only has one floor left available for sublease.”
Michael Monahan and Paul Walker of CBRE represented WestPoint Home and didn’t immediately return a request for comment via a spokeswoman.