Italian Luxury Retailer Loro Piana Takes 25K SF at LeFrak’s 40 West 57th Street
The luxury brand was among five leases signed in the building
By Isabelle Durso January 13, 2025 2:43 pm
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Italian luxury fashion retailer Loro Piana bid “arrivederci” to its Fifth Avenue offices and will move into LeFrak’s 40 West 57th Street.
Loro Piana, which specializes in textile manufacturing and cashmere, has signed a lease for 25,000 square feet on the entire 21st floor of the 36-story Midtown office building, according to broker CBRE (CBRE). The luxury brand plans to move from its current digs at 711 Fifth Avenue, according to the New York Post, which first reported the deal.
The exact length of the lease and asking rent were not provided. Loro Piana was one of five deals signed in the building recently in deals where lease lengths ranged from five to 15 years with asking rents between $95 and $115 per square foot, a spokesperson for CBRE said.
“40 West 57th Street exemplifies what tenants seek in a top-tier office building — an exceptional location, dedicated ownership and thoughtful upgrades that enhance the workplace experience,” CBRE’s Benjamin Joseph, who brokered the deal for the landlord along with Howard Fiddle, Arkady Smolyansky and Evan Fiddle, said in a statement. “We are confident that 40 West 57th Street will continue to be a top destination for businesses in Midtown Manhattan.”
CBRE’s Paul Amrich, Neil King and Evan Fiddle represented Loro Piana in the deal. A spokesperson for Loro Piana did not immediately respond to a request for comment.
Loro Piana isn’t the only tenant inking deals at LeFrak’s 712,000-square-foot property between Fifth Avenue and Avenue of the Americas.
Private equity firm Lee Equity Partners expanded to 25,000 square feet on the entire 16th floor of the building, while fellow private equity firm MHR Fund Management signed a new lease for 14,231 square feet on the 24th floor, according to CBRE.
JLL (JLL)’s Robert Martin, Dan Santagata and TJ Hochanadel represented Lee Equity in the deal, while there was no broker for MHR. A spokesperson for JLL did not immediately respond to a request for comment.
In addition, investment management firm Two Creeks Capital Management renewed its 13,487-square-foot lease on part of the 18th floor, while media investment and advisory firm Andalusian Sports Advisors signed on for 4,250 square feet on the 17th floor, CBRE said.
Newmark (NMRK)’s Neil Goldmacher, Matthew Lorberbaum and Cooper Weisman represented Two Creeks, while CBRE’s Ben Friedland, Gary Davies and Owen Reda brokered the deal for Andalusian Sports. A spokesperson for Newmark did not immediately respond to a request for comment.
CBRE’s Howard Fiddle, Joseph, Smolyansky and Evan Fiddle, along with LeFrak’s in-house leasing team of Meredith Jackness, Ray Kawas and Tim Johnson, represented the landlord in all of the deals.
“We’re thrilled to welcome the newest tenants to 40 West 57th Street, one of the finest office buildings in Midtown Manhattan,” Howard Fiddle said in a statement. “Tenants continue to be drawn to the building’s unbeatable Plaza District location, efficient office configurations and reimagined tenant amenities.”
Built in 1972, 40 West 57th Street has undergone several renovations recently, including a new tenant amenity center on the second floor, a full-service cafe and an outdoor terrace, according to CBRE.
“LeFrak remains committed to ensuring 40 West 57th Street meets the evolving needs of our tenants,” Jackness said in a statement. “With our recent addition of our tenant amenities, we are proud to offer a workplace environment that fosters success and innovation.”
Isabelle Durso can be reached at idurso@commercialobserver.com.
