L’Occitane and Subsidary Elemis Ink Office Leases by Herald Square
By Rebecca Baird-Remba October 27, 2023 4:28 pm
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French beauty brand L’Occitane and its subsidiary Elemis both inked office leases at 111 West 33rd Street, owner Empire State Realty Trust announced Thursday.
In the larger deal, L’Occitane extended its 20,962-square-foot lease in the building for another five years, the real estate investment trust said during its third-quarter earnings call.
The cosmetics company — which has five retail stores in the city — originally signed a lease for the entire 20th floor back in 2019.
Meanwhile, Elemis, a luxe British skincare brand acquired by L’Occitane in 2019, signed an 11-year, 9,497-square-foot lease in the 26-story property between Avenue of the Americas and Seventh Avenue by Herald Square, according to ESRT. The deal appears to be a relocation from 1140 Broadway nearby in NoMad.
Asking rents in the building range from $69 to $74 per square foot, according to an ESRT spokesperson.
While ESRT did not provide broker information for the deals, Scott Klau, Erik Harris and Neil Rubin of Newmark are the leasing agents for the building, along with ESRT’s in-house leasing brokers. In L’Occitane’s 2019 lease, Mark Boisi and Laurence Carroll of Cushman & Wakefield represented the brand.
Spokespeople for Newmark and C&W did not immediately return requests for comment.
“As of quarter end, our Manhattan office portfolio is nearly 92 percent leased and this reflects an increase of 250 basis points over the past 12 months,” said ESRT CEO Anthony Malkin on Thursday’s earnings call. “Our leasing success meets the performance of newly built Class A office properties and proves we are a destination for the market’s flight to quality.”
Other tenants in the 728,429-square-foot 111 West 33rd Street include life sciences consulting firm ClearView Healthcare Partners, coffee company Nespresso, and insurance firm Healthcare Risk Advisors. ESRT’s own corporate offices are also housed in the building.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
