Leases an Additional 120,000 Square Feet
NEW YORK CITY, NY – May 3, 2012 – (RealEstateRama) — Coty Inc., the leading global beauty products company, is expanding its office space at the Empire State Building, bringing its total occupancy there to nearly 320,000 square feet, announces Anthony Malkin, president of Malkin Holdings, which supervises the property.
The expansion marks the second time that Coty has enlarged its tenancy at the Empire State Building following the firm’s original leasing of 90,000 square feet in 2008. Under the new arrangement, Coty adds approximately 120,000 square feet and will occupy six full floors when the build-out is complete.
Only a few years ago, the world-renowned landmark – part of the W&H Properties portfolio – was tenanted primarily by small space users. But a massive modernization program and a visionary approach to sustainability began attracting interest from major multinational tenants. Last year, the building closed its largest lease transaction ever, in which the U.S. arm of Hong Kong-based global trader Li & Fung took approximately 600,000 square feet, and subsequently expanded.
“As part of our half-billion-dollar upgrading program and focus on creating sustainable, energy efficient, productive and healthful work environments, we’ve consolidated multi-tenanted floors into large, efficient full floors for select, credit-worthy firms,” says Mr. Malkin. “The numbers are striking: We went from 193 suites on floors 3 through 19, some dating back to the 1930s, to just three tenants. And the consolidation continues in other areas of the building.”
Founded in Paris in 1904, Coty Inc. is a recognized leader in global beauty, fragrance, skin care, and other products, with annual net sales of $4.5 billion. Its brands are delivered to consumers in 135 markets worldwide.
Richard Bernstein and Ralph Giordano of Cassidy Turley represented Coty in the lease negotiations. William Cohen and Ryan Kass of Newmark Knight Frank represented the landlord.
Soaring 1,454 feet above Midtown Manhattan, the Empire State Building is the World’s Most Famous Office Building. With new investments in energy-efficiency, building-wide infrastructure upgrades, public areas and amenities totaling more than $550 million, the Empire State Building has attracted and continues to attract corporate office tenants in a diverse array of industries from around the world.
The Empire State Building also has taken a leading role in sustainability, partnering with the Clinton Climate Initiative, Rocky Mountain Institute, Johnson Controls and Jones Lang LaSalle to develop an innovative process for a comprehensive energy efficiency retrofit program that will reduce the building’s total energy consumption by 38% and that has led the building to receive an Energy Star rating of 90, placing it in the top 10% in energy efficiency among all buildings measured under the Energy Star program. The energy retrofit program that contributed to the Energy Star designation was also an important element in receiving the LEED-EB Gold certification from the United States Green Building Council.
The Empire State Building’s upgrades – planned and completed – include a comprehensive restoration of the Art Deco lobby and ceiling, along with the creation of four dedicated tenant entrances, visitor desk and access control, messenger center, new restrooms, air-conditioned public corridors, brand-new Otis Destination Dispatch Control elevators, new marble elevator cabs, 6,500 windows rebuilt on site for greater energy efficiency, improvements to the building-wide mechanical and electrical systems, and improved security systems.
The flagship of the W&H Properties’ Pre-War Trophy office portfolio, the Empire State Building is supervised by Malkin Holdings LLC, one of New York City’s most financially stable ownerships. High-end pre-built office suites are available throughout the building, along with fully white-boxed partial and full floors ready for tenant build-out from 10,000 square feet, and a contiguous large block of up to 275,000 square feet. Broker commissions are paid in full at lease signing.
From: W&H PROPERTIES
Contact: Rachel Antman or David Grant, LVM Group Inc.
(212) 499-6570; (212) 499-6565
rachel (at) lvmgroup (dot) com; david (at) lvmgroup (dot) com
