Michael Kors sews up 40,000 feet at 335 Madison

Clothier is also in talks to expand at 11 West 42nd Street

New York /
Jan.January 16, 2014 04:10 PM

Designer brand Michael Kors has inked a 40,553-square-foot short-term lease at Milstein Properties’ 335 Madison Avenue, The Real Deal has learned.

Michael Kors will pay rents in the mid-$20s per square foot in the 19-month sublease deal at the 1.1 million-square-foot office building, located between 43rd and 44th streets. The sublessor was law firm Akerman Senterfitt, which is paying more than twice the rent it will charge Michael Kors, according to data from CompStak. Michael Kors’ low rent is likely due to the extremely short term of the sublease and the fact that Akerman may have excess space at the building, given that they signed for 48,000 square feet at Jared Kushner’s 666 Fifth Avenue last year.

Representatives for the law firm didn’t respond to requests for comment by press time, and a spokesperson for Michael Kors declined to comment.

Michael Kors currently has about 120,000 square feet at Tishman Speyer’s 11 West 42nd Street, where it has been expanding steadily since first moving in 2003. It is currently in advanced talks to take a further 36,785 square feet on the entire 17th floor at that building, according to a source familiar with the transaction, who added that the brand may be on the hunt for a long-term headquarters where it can consolidate all its space. It remains unclear which brokers worked on that deal, but data from CompStak indicates that Michael Kors will pay rents of about $50 per square foot.

Akerman was represented in The 335 Madison Avenue sublease deal by a Vortex Group team led by Frederick Marek and Scott Grayson, according to a listing on real estate website Agorafy. Michael Kors was represented by Cushman & Wakefield’s Glenn Markman. One of the brokers involved confirmed the deal but all three brokers declined to comment. The building is currently home to Facebook, which will be jumping ship for 770 Broadway later this year.


Related Articles

arrow_forward_ios
PHOTOS: Milstein Properties unveils 335 Madison redevelopment
PHOTOS: Milstein Properties unveils 335 Madison redevelopment
PHOTOS: Milstein Properties unveils 335 Madison redevelopment
Milstein plans $100M renovation of  335 Madison Ave.
Milstein plans $100M renovation of
335 Madison Ave.
Milstein plans $100M renovation of
335 Madison Ave.
200 Park Avenue and Tishman Speyer's Rob Speyer(Tishman Speyer, Getty)
MetLife Building gets the luck of the Irish
MetLife Building gets the luck of the Irish
(Photo Illustration by The Real Deal with Getty)
Big-box retail growth has Bed Bath & Beyond landlords thinking
Big-box retail growth has Bed Bath & Beyond landlords thinking
Tishman Speyer’s Rob Speyer and Latch’s former CEO Luke Schoenfelder
Latch reveals more financial statements to be unreliable
Latch reveals more financial statements to be unreliable
Chick-fil-A CEO Andrew Cathy and a rendering of Chik-fil-A 2205 Central Park Avenue in Yonkers  (Chik-fil-A/City of Yonkers)
Chick-fil-A hatches first Westchester location
Chick-fil-A hatches first Westchester location
Harry Macklowe with 1 Wall Street
Macklowe’s 1 Wall Street tops Manhattan’s largest retail leases of 2022
Macklowe’s 1 Wall Street tops Manhattan’s largest retail leases of 2022
A photo illustration of missing Tishman Speyer executive Ana Walshe and charged husband Brian Walshe (Getty, LinkedIn)
Tishman Speyer exec had $3M portfolio when she disappeared
Tishman Speyer exec had $3M portfolio when she disappeared
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...