The Real Deal New York

Barneys’ corporate HQ grows to 71K sf at 575 Fifth Avenue

Retailer renews office lease at 40-story Midtown office tower
By Rey Mashayekhi | February 01, 2016 06:20PM

575 Fifth Avenue

575 Fifth Avenue in Midtown

UPDATED, 11:30 a.m., Feb. 2: Barneys New York will remain in its corporate headquarters building at 575 Fifth Avenue after signing a 71,000-square-foot lease renewal and expansion at the 40-story Midtown office tower, The Real Deal has learned.

The luxury department store chain is renewing its space on floors 9 through 11 at the 520,000-square-foot property, having already occupied a portion of the 9th floor and the entire 10th and 11th floors.

The new lease, signed in December, also represents a slight expansion of Barneys’ space in the building, with the company now taking the entire 9th floor at 575 Fifth Avenue.

A CBRE team led by Keith Caggiano, Gregg Rothkin and David Caperna represented landlords Beacon Capital Partners and MetLife, while Ross Perlman of Newmark Grubb Knight Frank represented Barneys.

Both brokerages confirmed the deal but declined to provide additional comment. A Barneys spokesperson declined to comment. The length of the lease and asking rents at 575 Fifth Avenue were not disclosed.

Boston-based Beacon Capital Partners acquired a 50 percent stake in an office condominium unit at 575 Fifth Avenue last year. MetLife owns the office building, having acquired it for $385 million from a partnership that included Fred Wilpon’s Sterling Equities in 2005.

Barneys, meanwhile, moved its visual department to a 10,000-square-foot manufacturing and office space in Long Island City last summer, as TRD reported.