A jewelry brand is relocating its North American headquarters from Baltimore to New York City in a $6 million move aimed for Times Square.
Pandora is taking 27,000 square feet at 1540 Broadway, the Gov. Kathy Hochul’s office announced Tuesday. The company will operate out of the 35th floor of the building, which is owned by Edge Fund Advisors and HSBC.
Pandora owns and operates 26 stores in the state, along with six franchised branded stores. Nine of its New York stores are in the city, including a Times Square flagship, and the company is expected to add another three stores to its New York City portfolio in the coming months.
The asking rent on the 15-year lease at the former Bertelsmann Building was $82 per square foot, the New York Post reported. A JLL team led by Clark Finney and Frank Doyle represented the landlord, while a different JLL team represented Pandora.
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Women’s Wear Daily previously reported Pandora was looking to open a corporate headquarters in the city.
Founded in 1982, Pandora specializes in necklaces, bracelets and charms. The company has nearly 7,000 points of sale worldwide, including 2,600 global concept stores, 500 of which are in the United States.
The Danish jewelry retailer last month signed a 10-year lease for 1,800 square feet at Empire State Realty Trust’s 112 West 34th Street in Herald Square. Asking rent for the space was $600 per square foot.
In April, the owners of 1540 Broadway secured a $590 million refinancing package for the 44-story building. The new debt for the office portion of the property was provided by Apollo Global Management, Michael Dell’s MSD Partners and Monarch Alternative Capital. Edge acquired the office floors in the tower — spanning 900,000 square feet — with HSBC Alternative Investments in 2010.
Vornado Realty Trust owns the retail portion of the property.