NEW YORK CITY, NY – January 19, 2012 – (RealEstateRama) — Carolina Herrera, the fashion design company, is increasing its occupancy by more than 60 percent at W&H Properties’ 501 Seventh Avenue, bringing its total to nearly 30,000 square feet, announces Anthony Malkin, president of Malkin Holdings, which supervises W&H Properties.
The company renewed its space on the entire 17th floor, which contains 18,509 square feet, and added 11,193 square feet on the 16th floor.
“Carolina Herrera is a prestigious firm, typical of the companies one finds in our six Pre-War Trophy buildings in the Herald Square North/Times Square South submarket,” says Mr. Malkin. “A tenant like Carolina Herrera can office anywhere. They chose to renew and expand in 501 Seventh for its location and quality, and the experience they have had as a tenant.”
Carolina Herrera was the 2008 Council of Fashion Designers of America winner of the Geoffrey Beene Lifetime Achievement Award. Her design firm encompasses her signature fashion collection, a bridal collection, fragrances and accessories.
Matthew McBride of CB Richard Ellis represented Carolina Herrera in the lease negotiations. Lauren A. Smith and Gary Kamenetsky of CB Richard Ellis represented the landlord.
Located at West 37th Street, steps from Penn Station, 501 Seventh Avenue comprises 18 stories and approximately 500,000 square feet of modern office and showroom space. The building offers convenient access to the Long Island Railroad, New Jersey Transit and Amtrak at Penn Station, Port Authority Terminal, the PATH, 11 subway lines and all major bus lines.
501 Seventh Avenue is the recipient of two prestigious Building Owners & Managers Association New York (BOMA/NY) Pinnacle Awards: Operating Office Building of the Year in 2007 and Renovated Building of the Year in 2006. A $53 million upgrade program that led to the latter included a fully renovated lobby, new elevators and windows, renovated air-conditioned public corridors and restrooms, and upgraded building-wide systems, including state-of-the-art electrical, plumbing, HVAC and security.
Part of the W&H Properties Pre-War Trophy office portfolio, the property is supervised by Malkin Holdings LLC, one of New York City’s most financially stable ownerships. W&H Properties is committed to sustainable property operations and development, including energy efficiency, water use reduction, waste and recycling and indoor environmental quality initiatives.
Available suites at 501 Seventh Avenue range from 1,500 square feet to 13,500 square feet.
Broker commissions are paid in full at lease signing.
