Media company Xcel Brands is relocating to Empire State Realty Trust’s 1333 Broadway office building near Herald Square after subleasing nearly 30,000 square feet at the property.
Xcel, which focuses on brand development, design and marketing, will occupy part of the 10th floor in the 12-story, 355,000-square-foot building, located between West 35th and West 36th streets. The company is moving from its current space at 475 10th Avenue in Hell’s Kitchen.
Asking rent for the space was $52 per square foot, according to the New York Observer. The deal is a sublease through October 2027, with Xcel taking the space from Global Brands Group. The latter is consolidating into its existing space at the Empire State Building, which is also owned by Empire State Realty Trust.
In August, it was reported that outerwear and dress manufacturer the Levy Group was subleasing almost 44,000 square feet at 1333 Broadway from Global Brands Group. Current tenants in the building include Aetna Life Insurance, New York Outdoor and Li & Fung USA. [NYO] – Rey Mashayekhi