International beauty giant expands at Empire State Building

TRD New York /
Jun.June 01, 2011 11:06 AM

International beauty and fragrance giant Coty has leased an additional 101,736 square feet at the Empire State Building in order to consolidate its American headquarters, Tony Malkin, president of Malkin Holdings, owner and asset manager of the property, announced today.

The company, which represents brands such as Calvin Klein, Karl Lagerfeld and Kenneth Cole, currently occupies 86,000 square feet on the entire 14th floor of the iconic property, and most of the 15th floor. It will expand to also occupy the entire 16th and 17th floors in April 2012, when it relocates from its other spaces at One And Two Park Avenue, between 32nd and 33rd streets.

The asking rent was $49 per square foot, landlord W & H Properties told The Real Deal.

This marks another success for the Malkin family. As The Real Deal recently reported, the Malkins have been desperately attempting to transform the 2.9 million-square-foot property into a suitable home for big-name, big-money tenants.

Other new tenants include Hong Kong-based Li & Fung, Sweden’s construction giant Skanska and three worldwide air carriers: Air China, Lufthanza and Turkish airlines. Business networking platform LinkedIn recently signed a seven-year deal earlier this month to lease the building’s entire 25th floor for $40 per square foot to facilitate its rapid expansion.

“A company of [Coty’s] global stature requires a home with prestige,” Malkin said in a statement. “We were able to accommodate the firm’s space requirements, thanks to the property’s large floor plates.”

Ralph Giordano and Richard Bernstein of Cassidy Turley represented Coty in the lease negotiations. Ryan Kass, William Cohen and Lauren Davidson of Newmark Knight Frank represented the landlord. TRD

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