Burberry Downsizing NYC Offices to 43K SF at 11 West 42nd Street
By Celia Young May 18, 2022 4:02 pm
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Burberry stitched together a deal to relocate its New York City offices from Madison Avenue to 43,000 square feet at 11 West 42nd Street near Bryant Park — downsizing its footprint by about 25,000 square feet.
The luxury fashion brand signed a 15-year lease for the entire 18th floor and part of the 19th floor on the building between Fifth Avenue and Avenue of the Americas, The Real Deal first reported. Rents started at $64 per square foot with a $130 per square foot tenant improvement allowance and several months of free rent, according to TRD. The landlord, Tishman Speyer, declined to provide the asking rents.
Burberry will move out of nearly 70,000 square feet at Westbrook Partners’ 444 Madison Avenue, which it has held for more than a decade, Commercial Observer previously reported. The retailer’s original deal for the Art Deco building included a six-foot sign and two retail stores flanking the lobby. It’s unclear what will happen to the retailer’s signage atop of the iconic Midtown Center tower, but Cushman & Wakefield will lease out its ground-floor shops, TRD reported.
Burberry did not immediately respond to a request for comment.
Tishman Speyer’s 31-story building, known as Salmon Tower, is also home to New York University’s School of Professional Studies, which decided to stick to its 116,000 square feet in November. Also in the building are fellow clothing brand Michael Kors and architecture firm Kohn Pedersen Fox, which renewed and expanded its space at the property by 38,000 square feet in December.
JLL’s Chris Kraus and Amanda Bokman represented Burberry. Both Kraus and Bokman did not immediately respond to requests for comment. Tishman Speyer handled it in-house. Tishman Speyer declined to comment.
Celia Young can be reached at cyoung@commercialobserver.com.
