Pandora Moving North American Headquarters From Baltimore to NYC
By Celia Young December 13, 2022 1:43 pm
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Pandora put a ring on a deal to move its North American headquarters from Baltimore to Times Square.
The Denmark-based jewelry company signed a 15-year lease for 27,936 square feet across the entire 35th floor of 1540 Broadway, the New York Post first reported. Asking rent was $82 per square foot, according to the Post.
While other large tenants have shed space at the Crossroads of the World in the past two years, Pandora will keep its nearly 90,000 square feet in Baltimore, expanding its North American office footprint with its Times Square deal.
Pandora plans to move into 1540 Broadway next year and keep its downtown Baltimore offices at 250 West Pratt Street until 2026, according to an announcement from Pandora.
The jeweler will hire 133 staffers for the new office, in part thanks to up to $1.5 million in tax credits Pandora scored from New York State’s Empire State Development Corporation, according to a statement from Pandora.
But it wasn’t just the millions in tax credits that drew Pandora to New York City — it was also 1540 Broadway’s views, said JLL (JLL)’s Daniel Posy, who represented Pandora with colleagues Peter Michailidis and Robert Gibson.
“Pandora went through an extremely thorough process touring multiple offices for this headquarters space, but 1540 Broadway stood out for its tremendous amenities, efficient floor plates and its spectacular views,” Posy said in a statement. “We are delighted to have been able to help them secure this flagship office.”
Clark Finney, Frank Doyle, Michael Pallas and Carlee Palmer, also of JLL, represented landlords HSBC and Edge Fund Advisors. Spokespeople for HSBC and Edge Fund did not immediately respond to requests for comment.
Aside from moving its headquarters to New York City, Pandora also plans to bolster its retail presence in the city. It wants to add three more stores to its nine around the five boroughs in the next few months and signed a lease in November for 1,793 square feet at 112 West 34th Street in Herald Square.
Celia Young can be reached at cyoung@commercialobserver.com.
