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Clothing manufacturer inks 11-year lease at 1407 Broadway
ES Sutton will take 31K sf at Shorenstein Properties' space
Clothing Manufacturer Es Sutton Is Moving Across The Street from its current digs in the Garment District to Shorenstein Properties’ 1407 Broadway.
The company inked an 11-year lease for part of the sixth floor of the 43-story building, the Commercial Observer reported. The asking rent was $60 per square foot, according to CBRE, which represented the landlord.
ES Sutton, which currently occupies 40,000 square feet at 1400 Broadway, makes clothing under the brands Liz Lange and Cherokee, respectively sold at Target and Walmart. The company’s new space is slightly smaller at 31,000 square feet.
Shorenstein purchased a 34-year leasehold on the building in 2015 for $330 million. Solil Management owns the ground under property. Shorenstein recently shelled out $30 million to renovate the $1.1-million-square-foot tower. Last month, Comcast agreed to lease 100,000 square feet on the 11th and 12th floors and part of the 14th of the building.
In August, the city postponed plans to rezone the Garment District. The change would’ve made it easier for landlords in the area to convert their properties into office space. [CO] — Kathryn Brenzel