Alexander Wang is venturing into territory long reserved for financial-services tenants in its search for a new office, with the fashion house reportedly weighing a move to 115 Broadway in Lower Manhattan.
The company is in talks to take 75,000 square feet at the 430,000-square-foot, neo-Gothic building – including the 21-story building’s penthouse floor. Asking rents at the property, owned by Capital Properties, are north of $60 per square foot.
Alexander Wang would move from its currently space in Tribeca, where it occupies most of a 45,000-square-foot office building at 386 Broadway, according to Crain’s. It is unclear whether the company would keep that space, where its lease expires in 2020, if it seals a deal at 115 Broadway.
Fashion industry tenants are increasingly eyeing Downtown, with a recent Newmark Grubb Knight Frank report noting there has been 850,000 square feet of space in the area occupied by fashion tenants since publishing giant Conde Nast signed up at 1 World Trade Center in 2011.
Downtown rents do a financial advantage over other office markets in the city, with average asking rents of $56.65 per square foot almost 30 percent below the Midtown average of $80.21 per square foot and nearly 10 percent below Midtown South’s $62.02 per square foot average, according to NGKF. [Crain’s] – Rey Mashayekhi