Li & Fung reduces space at Empire State Building, putting 182,000 square feet on sublease market

Hong Kong-based clothing distributor Li & Fung is cutting back on its space at the Empire State Building, the New York Post reported.

The company’s U.S. division put 181,783 square feet on the market for either a sublease or direct deal. It leased 588,944 square feet in 2011 at the iconic, 102-story skyscraper. The total space includes 94,725 square feet on the third floor; 51,971 on the 10th floor; and 35,087 square feet on part of the 11th floor, the newspaper said.

Building owner Malkin Holdings is co-marketing the floors with Jones Lang LaSalle through its brokers at Newmark Grubb Knight Frank. The initial asking rent is in the high $40s per foot and will average in the mid-$50s over the duration of the lease, which expires in 2028, the report said. [NYP, 2nd item] – Mark Maurer