Tourneau inks deal for new Fifth Avenue HQ

November 11, 2013 05:30PM

Luxury watchmaker Tourneau will clock 10 years at 663 Fifth Avenue, thanks to a newly-inked lease.

Relocating from 3 East 54th Street, owned by the Cohen Brothers Realty Corporation, the timepiece purveyor’s corporate headquarters will now take up 16,000 square feet — the entire seventh floor — of the Ferragamo building. The move brings the company’s offices closer to its TimeMachine store at 12 East 57th Street and retail spot at 510 Madison Avenue.

Studley’s Jeffrey Peck, Daniel Horowitz and Brad Wolk represented Tourneau in the transaction, while Barry Zeller of Cushman & Wakefield represented landlord Sator Realty.

“The lease was expiring at 3 East 54th Street and they were in need of more space,” Peck told the New York Observer. “Like many other tenants Tourneau was moving away from perimeter offices and looking for a more open landscape. They still required to be very close to the stores and to be able to walk to them very quickly.”

Rents in the area, Peck told the Observer, were in the $70s and $80s per square foot. He told the Observer that Tourneau will relocate at the beginning of December. [NYO]Julie Strickland