Barneys’ corporate HQ grows to 71K sf at 575 Fifth Avenue

Retailer renews office lease at 40-story Midtown office tower

575 Fifth Avenue
575 Fifth Avenue in Midtown

UPDATED, 11:30 a.m., Feb. 2: Barneys New York will remain in its corporate headquarters building at 575 Fifth Avenue after signing a 71,000-square-foot lease renewal and expansion at the 40-story Midtown office tower, The Real Deal has learned.

The luxury department store chain is renewing its space on floors 9 through 11 at the 520,000-square-foot property, having already occupied a portion of the 9th floor and the entire 10th and 11th floors.

The new lease, signed in December, also represents a slight expansion of Barneys’ space in the building, with the company now taking the entire 9th floor at 575 Fifth Avenue.

A CBRE team led by Keith Caggiano, Gregg Rothkin and David Caperna represented landlords Beacon Capital Partners and MetLife, while Ross Perlman of Newmark Grubb Knight Frank represented Barneys.

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Both brokerages confirmed the deal but declined to provide additional comment. A Barneys spokesperson declined to comment. The length of the lease and asking rents at 575 Fifth Avenue were not disclosed.

Boston-based Beacon Capital Partners acquired a 50 percent stake in an office condominium unit at 575 Fifth Avenue last year. MetLife owns the office building, having acquired it for $385 million from a partnership that included Fred Wilpon’s Sterling Equities in 2005.

Barneys, meanwhile, moved its visual department to a 10,000-square-foot manufacturing and office space in Long Island City last summer, as TRD reported.