Warren Buffett-owned apparel company inks lease at 200 Madison

Dec.December 01, 2011 11:09 AM

An apparel company owned by billionaire Warren Buffett has inked a 50,000-square-foot, 10-year lease for offices at 200 Madison Avenue, the New York Observer reported, relocating from the Empire State Building.

Garan Incorporated will occupy the 575,000-square-foot building’s fourth floor for rents that average around the mid-$40s per square foot. The company previously squeezed into a 40,000-square-foot space at the Empire State Building and was eager to expand to a building that could accommodate all its staff on one floor.

Jim Saunders Noel Flag of Newmark Knight Frank represented Garan in the transaction. Saunders told the Observer that he had spent more than three years on the assignment.

“When you are vertically integrated, it doesn’t matter what kind of a tenant you are, there are redundancies that force you to take more space and be less efficient,” Saunders said. “You have to have two lobbies or entrance ways, dual sets of copying machines and other equipment whereas if you have one floor you can consolidate.” [NYO]

Related Articles

Clockwise from left: JLL's Michele Mahl, Savills' Peter Hennessy, Eastdil Secured's Will Silverman, Christie’s Brian Meier, Nest Seekers' Mike Fabbri and Compass' Charlie Attias 

These were the biggest broker comings and goings of 2019

Jordan Roeschlaub and Dustin Stolly, Newmark Knight Frank

Co-heads of Newmark’s debt team host holiday bash

Trump’s tax returns, Amazon gets into proptech: Daily digest

Trump’s tax returns, Amazon gets into proptech: Daily digest

Brett Siegel, Jean Celestin, and Evan Layne with Newmark Knight Frank offices at 125 Park Avenue (Credit: LinkedIn and Google Maps)

Newmark poaches Eastdil Secured sales team

Robert K. Futterman (Credit: Southampton Town Police)

Futterman’s latest DUI wouldn’t factor into termination case: legal expert

Jimmy Buffett and a rendering of Margaritaville Times Square (Credit: Getty Images, Margaritavilla/The McBride Company)

Sued away again in Margaritaville: Newmark claims chain breached exclusive contract

Tom Citron

Newmark’s Tom Citron heads to Colliers

Robert Futterman (Credit: RKF)

Robert Futterman fired from RKF