Merit Beauty Signs 8K-SF Office Lease at 450-460 Park Avenue South
By Mark Hallum August 13, 2024 2:28 pm
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Katherine Power’s popular makeup brand Merit Beauty has signed for office space in Midtown South.
The cosmetic line stocked on shelves in major stores like Sephora signed an 8,000-square-foot lease with the Moinian Group at 450-460 Park Avenue South, according to the Instagram account Traded NY, which first posted about the deal.
Asking rent was $60 per square foot, but the length of the lease is unknown.
It’s unclear whether this is a relocation or a renewal for Merit. The Los Angeles-based brand, which specializes in minimalist looks for makeup and skincare, was founded in 2021 and reached $100 million in sales in 2023, a figure it expects to surpass this year, the Financial Times reported.
CBRE (CBRE)’s Jared London and Timothy Freydberg negotiated on behalf of Moinian while Jeffrey Karp of Latitude Property Group represented Merit in the deal. Moinian and Karp did not immediately respond to requests for comment while CBRE declined to comment.
Other tenants in the 12-story building from 1912, which Moinian has owned since 1982, include WeWork’s NoMad location, TD Bank, bar and restaurant Pando Park and point-of-sale software provider ShopKeep.
Mergers and acquisitions firm Equiteq signed a seven-year, 8,220-square-foot lease in the building in June 2023, Commercial Observer previously reported.
Mark Hallum can be reached at mhallum@commercialobserver.com.
