Kids Clothing Brand Garan Signs Lease to Double Space at 99 Park Avenue
By Mark Hallum March 4, 2025 5:41 pm
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Garan, a children’s apparel company owned by Berkshire Hathaway (BRK.A), has outgrown its New York City headquarters and is doubling the size of its footprint.
The brand is taking over the entire 31,663-square-foot sixth floor of Global Holdings Management Group’s 99 Park Avenue, an expansion from its existing 31,754 square feet on the seventh floor, according to the landlord and marketing material for the building. The deal brings Garan’s total presence to 63,417 square feet in the property.
Global Holdings declined to provide the length of the lease or the asking rent, but the average asking rent for Midtown in the fourth quarter of 2024 was $82.13 per square foot, according to a report from CBRE.
“Anytime a current tenant decides to expand its presence at 99 Park Avenue, it’s attributable to the strategic investments we’ve made and the premium experience we offer tenants,” Craig Panzirer, director of leasing at Global Holdings, said in a statement. “With our capital improvement program well underway, we’re reinforcing our commitment to creating best-in-class workplaces that support the growth, success and future of our tenants.”
Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter of JLL (JLL) negotiated on behalf of the landlord while CBRE (CBRE) represented Garan. It’s unclear who the CBRE brokers were. JLL and CBRE did not immediately respond to a request for comment.
Garan originally signed a 10-year deal for just the seventh floor in early 2022 to relocate from 200 Madison Avenue. The apparel company is best known for the Garanimals line of matching separates. Garan became a wholly owned subsidiary of Berkshire Hathaway in 2002, according to the company’s LinkedIn profile.
Mark Hallum can be reached at mhallum@commercialobserver.com.
