LVMH shuffles Midtown office, retail spaces
Lease out for luxury goods conglomerate’s move to Olayan Group’s 550 Madison Ave.
French luxury goods conglomerate LVMH is making office and retail moves in Midtown.
There’s a lease out for the company to move its American headquarters to Olayan Group’s 550 Madison Avenue, the New York Post reported. It will be relocating from its digs at 19 East 57th Street.
Should a long-term lease be finalized, LVMH will occupy 150,000 square feet of Olayan’s redesigned tower with an asking rent of $190 per square foot.
LVMH would have some fashionable company at 550 Madison Avenue. Hermès signed a lease to relocate its headquarters to 72,000 square feet at the property, while insurance firm Chubb has signed on for 240,000 square feet at the 800,000-square-foot property.
LVMH is also planning to move its Louis Vuitton store to the Trump Organization’s 6 East 57th Street, taking 36,000 square feet of retail space. Tiffany & Co. — an LVMH subsidiary — occupies the space, but is set to move to 727 Fifth Avenue after that property’s redevelopment is complete.
NikeTown formerly occupied the space, where Tiffany has a sublease. Negotiations for the Louis Vuitton deal directly involved former president Donald Trump and the space is connected to Trump Tower.
Trump himself hinted at a possible move last month when he took to Truth Social to detail a Mar-a-Lago dinner with Alex Arnault, Tiffany executive and new owner of an $18 million home at 30 Park Place.
Louis Vuitton’s lease is reportedly for five years, pegged at as much as $20 million per year. The luxury French brand has occupied a 15-story building at 1 East 57th Street, used for both retail and offices.
Robin Zendell represented LVMH in-house as its exclusive retail broker. Zendell did not respond to the Post’s request for comment.
Trump has been looking for tenants to fill the 74,000-square-foot lease after the expiration of the Tiffany’s lease. The space was controlled by SL Green and Wharton Properties, which decided not to extend their lease upon its expiration last year.
— Holden Walter-Warner