The Real Deal New York

Vince Camuto signs 43K sf office lease at Shorenstein’s 1407 Broadway

Shoe conglomerate is relocating from Garment District campus
By Rich Bockmann | June 06, 2017 05:30PM

Shorenstein’s president Charles Malet and 1407 Broadway

Women’s footwear designer Vince Camuto is moving into nearly 43,000 square feet at Shorenstein Properties’ TRData LogoTINY Garment District office building at 1407 Broadway.

The apparel and accessories conglomerate, founded by late designer Vince Camuto, signed a lease for about 42,750 square feet on most of the third floor in the 1.1 million-square-foot, Class A office tower, sources told The Real Deal.

The asking rent in the 10-year deal was in the high $50s per square foot. VCS Group is relocating offices and showrooms it has in a corporate campus spread across a pair of buildings on West 36th and 37th streets in the Garment District.

Representatives for VCS Group and Shorenstein were not immediately available for comment.

Vince Camuto, who died in 2015, was the founder of the footwear giant Nine West, which he named after Sheldon Solow’s exclusive office property overlooking Central Park at 9 West 57th Street.

The company has two retail stores in Manhattan at Grand Central Terminal and Westfield Corporation’s World Trade Center mall.

The lease is part of Shorenstein’s repositioning effort at 1407 Broadway, which the San Francisco-based landlord operates under a ground lease it acquired on the property in 2015 for $330 million.

Many of the floors in the 38-story tower between 38th and 39th streets are broken up into smaller spaces for multiple tenants, and as those leases roll, Shorenstein is combining spaces to create larger floor plates that can attract major tenants like Vince Camuto.

The lease  “underscores the desirability of big, efficient floor plates,” said CBRE’s Peter Turchin, who is handling leasing at 1407 Broadway along with Brett Shannon and Gregg Rothkin.

Jeff Rosenblatt of CBC Advisors represented Vince Camuto in the negotiations. He declined to comment.

(To view more comings and goings from 1407 Broadway, click here)