Can you smell what Largo Investments has going on at a Williamsburg office building?
Fragrance brand Le Labo leased more than 15,000 square feet at 71 North 7th Street, the Commercial Observer reported. It’s not clear how long the lease is for or how much Le Labo is paying for the space, which takes up a majority of the new three-story, 21,000-square-foot property.
Once Le Labo moves in during the summer, the building will be fully occupied, according to the Observer. Other tenants include Spear Physical Therapy and storage company Local Locker.
Largo was represented by CBRE in the lease negotiations. Le Labo’s headquarters are located nearby at 120 North 6th Street.
The fragrance brand was founded in Grasse, France before opening its first New York lab in February 2006 in Nolita. The company offers 18 unisex perfumes and 10 soy-based wax candles, as well as body formulas and a grooming line. The Observer reported the company employs about 100 people and generates up to $20.5 million in annual sales.
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Largo purchased the site near the East River for $10.5 million, according to YIMBY. Features of the building include space with 12-15 foot ceiling heights and a roof deck available to use for office tenants.
Elsewhere in Williamsburg, Largo is developing a 64,000-square-foot residential and office building at 215 North 10th Street. The development includes 31 condominiums and lifestyle amenity spaces like a landscaped sun roof with outdoor lounge areas. According to YIMBY, sales for the development launched late last year.
The developer closed on the $25 million acquisition of the building in March 2018. The property replaced a one-story industrial building at the site. Morris Adjmi designed the new condo project.
[CO] — Holden Walter-Warner