Cosmetics Brand Owner Orveon Moving to 23K SF at 579 Fifth Avenue
By Nicholas Rizzi November 21, 2023 10:30 am
reprints
A private equity-backed company making waves in the beauty industry plans to move its offices to 579 Fifth Avenue, Commercial Observer has learned.
Orveon signed a six-year lease for 22,763 square feet on the entire ninth and 10th floors of Stawski Partners’ 17-story building at the corner of Fifth Avenue and East 47th Street, according to landlord broker JLL (JLL) and a source with knowledge of the deal. Asking rent was $65 per square foot, the source said.
Orveon, backed by private equity firm Advent International, was founded in 2021 to challenge the big players in the beauty industry and become a “sustainable face care expert, with a strong emphasis on skin care,” CEO Pascal Houdayer told Vogue in 2022.
The company already bought cosmetics brands Laura Mercier, Buxom and Bare Minerals to get started and appointed a chief transformation officer in April to add a skin care brand to its stable, Women’s Wear Daily reported.
Orveon is currently in a WeWork at 500 Fifth Avenue, and it’s unclear when the company plans to move into its new digs.
Paul Glickman, Diana Biasotti, Greg Wang and Harrison Potter of JLL represented the landlord while Savills’ Shay Bolton, Jim Wenk, Alex Redlus and Kirill Azovtsev brokered the deal for Orveon. The Savills brokers declined to comment, and JLL did not immediately provide a comment.
Other tenants in the 150,000-square-foot 579 Fifth include real estate investment firm Hubb NYC Properties, hedge fund Hollis Park Partners and supply chain consultancy Efficio Consulting.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
