Ralph Lauren Expands in Long Island City
By Rebecca Baird-Remba March 9, 2023 5:34 pm
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Apparel brand Ralph Lauren is expanding its photo studio at The Factory, an industrial-turned-office building in Long Island City, Queens, seven years after it moved into the building.
The retailer will grow from 19,105 square feet to 54,602 square feet in the building at 30-30 47th Avenue, according to Crain’s New York Business, which first reported the transaction. Ralph Lauren currently occupies the fifth floor — which it signed a nine-year lease for in 2016 — and it will relocate to a larger space on the eighth floor for 11 years, according to a source with knowledge of the deal. The source declined to provide the asking rent, but asking rents in the building were around $42 per square foot in November 2022.
The transaction brings the 1.1 million-square-foot warehouse property to 94 percent leased.
Newmark (NMRK)‘s Brian Waterman, Howard Kesseler, Jordan Gosin and Alex Rosenblum represented the building’s owners, Atlas Capital Group, Partners Group and Invesco Real Estate (IVZ), in the transaction. Eric Deutsch and Jared Freede of CBRE handled the deal for the tenant, and didn’t immediately return a request for comment via a spokesperson.
“This transaction represents the continued strength of The Factory, and more specifically, the desire for best-in-class tenants like Ralph Lauren to choose quality, well-amenitized work environments,” said Waterman.
Atlas Capital and Invesco purchased the massive building in 2013 and slowly renovated it, updating the lobby and adding amenities such as a lounge, bike storage and a ground-floor food marketplace. Square Mile Capital was one of the original buyers but has since been bought out.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com
