The Real Deal New York

Dress designer takes 21K sf at Olmstead’s Garment District building

Betsy & Adam will open its HQ and showroom at 525 Seventh Avenue
July 27, 2017 10:00AM

525 Seventh Avenue

Olmstead Properties inked a deal for dressmaker Betsy & Adam to take 21,000 square feet on the 21st floor of its building in the Garment District.

The asking rent for the space at 525 Seventh Avenue is $60 per square foot, Commercial Observer reported. The designer, which supplies stores like Macy’s, Lord & Taylor and Bloomingdale’s, is taking the entire 21st floor of the 22-story building, according to the publication. Its currently located at 1400 Broadway.

Built in 1925, the building at the corner of West 38th Street spans more than 463,800 square feet, according to CoStar.

Last year, Notations, a women’s fashion brand, subleased 25,000 square feet of office space at the building.
In 2015, Womenswear designer Nicole Miller resigned its lease for 28,000 there.

A team lead by Marc Schoen of Savitt Partners represented the tenant. Olmstead was represented in-house.

In March, the city’s Economic Development Corporation pledged to provide $51 million to garment companies to help move out of the district and into Sunset Park. [CO]Miriam Hall