Lord & Taylor owner sublets new Midtown HQ

Office will be used as an e-commerce showroom

New York /
Mar.March 11, 2021 03:21 PM
Saadia Group, Lord & Taylor's new owner, will sublet its new headquarters from Cushman & Wakefield. (Getty, RPW Group)

Saadia Group, Lord & Taylor’s new owner, will sublet its new headquarters from Cushman & Wakefield. (Getty, RPW Group)

Saadia Group, Lord & Taylor’s new owner, has found a new office in Midtown.

The investment firm, which acquired Lord & Taylor and New York & Company in a bankruptcy auction, will operate the brands as an e-commerce business out of its new 275 Madison Avenue headquarters, according to Crain’s.

It’s not a direct lease with the building owner, RPW Group: Cushman & Wakefield is subletting the 41,000-square-foot space to Saadia.

As part of the deal, Saadia inherited Cushman’s furniture and equipment. It also received a 30 percent discount on the building’s direct pricing, according to Gabe Marans, a broker at Savills.

“New York City is an integral part of the brand DNA for both Lord & Taylor and New York & Company,” Jack Saadia, principal and co-founder of Saadia Group, told the publication. “This office space will provide our teams with a collaborative and safe working environment that will ultimately lead to growth and expansion across our network of brands.”

The space will look nothing like Lord & Taylor’s previous 660,000-square-foot flagship on Fifth Avenue. Instead, the office will be used as a showroom and for administrative staff.

Though Cushman put its office space on the market prior to the pandemic, the market has since spiraled as more companies embrace the cost-savings associated with remote work.

Office availability hit 15.5 percent in February, the worst on record, according to Colliers International’s monthly market snapshot. And tenants have been increasingly putting their offices up for sublet since June.

[Crain’s] — Sasha Jones





    Related Articles

    arrow_forward_ios
    WhyHotel opening living space at Rudin’s 110 Wall Street
    WhyHotel opening living space at Rudin’s 110 Wall Street
    WhyHotel opening living space at Rudin’s 110 Wall Street
    44 West 37th Street and Ray Yadidi of the Sioni Group (Google Maps, LeadCandy)
    Yadidis sell Midtown South office building for $49M
    Yadidis sell Midtown South office building for $49M
    Construction labor management platform Bridgit raises $24M
    Construction labor management platform Bridgit raises $24M
    Construction labor management platform Bridgit raises $24M
    The boom is largely fueled by investors snagging a large number of single properties in a multitude of deals, rather than previous booms featuring plentiful portfolio sales, or sales of entire companies. (iStock)
    CRE has biggest-ever sales quarter
    CRE has biggest-ever sales quarter
    Givenchy is open at 92 Greene Street in Soho NYC and Gucci has a pop up 446 West 14th Street in Meatpacking District NYC. (Google Maps, Thor)
    Tony retailers flocking back downtown
    Tony retailers flocking back downtown
    Long Island industrial vacancy rate 40% lower than pre-pandemic
    Long Island industrial vacancy rate 40% lower than pre-pandemic
    Long Island industrial vacancy rate 40% lower than pre-pandemic
    CHIP Executive Director Jay Martin, RSA President Joseph Strasburg and Gov. Kathy Hochul (Getty, Strasburg via Jeffersons Siegel)
    Landlords smell “good cause” in Hochul’s new tenant protections
    Landlords smell “good cause” in Hochul’s new tenant protections
    Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
    Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
    Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...