French jeweler Cartier is taking 8,000 square feet at the GM Building for operations while its Fifth Avenue flagship gets a makeover.
Cartier’s luxury collections will temporarily head to a 50-story, 1.82 million-square-foot tower at 767 Fifth Avenue starting Friday.
The space will be the company’s largest store, with 6,300 square feet of selling space, according to the article.
Other tenants in the building, which was the highest-valued office building in 2013 and is owned by Boston Properties and two other landlords, include Apple and its flagship glass cube, as well as toy purveyor F.A.O. Schwarz. Cartier is paying rents of about $1,225 per square foot for the new space, industry executives told the Times.
Given the luxury housing developers are putting up nearby, including Extell Development’s 157 West 57th Street and Macklowe Properties’ 432 Park Avenue, the new location may become permanent even after the two-year renovation of 653 Fifth Avenue, according to the paper. Cartier also has locations at 828 Madison Avenue near 69th Street, at JFK Airport and a boutique in Saks at 611 Fifth Avenue, according to the company’s website. [NYT] — Angela Hunt