Luxury Fashion Brand Takes 11,516 Square Feet in Landmark Building
Savills Studley announces that ready-to-wear luxury women’s designer Altuzarra has signed a long-term lease for 11,516 square feet at 233 Broadway, New York City’s iconic Woolworth Building, for its New York offices.The thriving luxury brand, which was launched in 2008, currently occupies 4,000 square feet at 21 Howard Street in Manhattan’s SoHo neighborhood.Altuzarra will relocate to a portion of the building’s 14th floor in August 2016.Asking rent was $59 per square foot.
The move corresponds with the broader trend of high-end fashion companies relocating to Manhattan’s revitalized Downtown neighborhood.Altuzarra joins other luxury brands such as Bottega Veneta, Gucci, Hugo Boss and Brioni already located in lower Manhattan.According to Jeffrey Peck, who represented the tenant in the relocation and expansion, Altuzarra prioritized motivating office space that would enable the fashion company to continue to expand and maintain a sophisticated, chic environment.
“First and foremost, Altuzarra wanted a corporate office and showroom it considered inspirational—an office that both reflected the company’s culture and workforce and that would inspire creativity,” Peck said.“The Woolworth Building is an iconic landmark known around the world.As one of the earliest U.S. skyscrapers, the building’s rich history provides an element of grandeur and distinctiveness that was attractive to Altuzarra.”
Savills Studley Executive Managing Director Jeffrey Peck, Executive Vice President Daniel Horowitz and Managing Director Christopher Foerch represented Altuzarra in the transaction.The building owner, 233 Broadway Borrower, LLC, was represented by Thomas Hettler of The Lawrence Group.
“It was important that the location offered our designers and staff convenient access to Manhattan’s many amenities, but also that the space would serve as a continued source of creativity,” said Karis Durmer, CEO of Altuzarra.
Since its inception, Altuzarra has been consistent in establishing and refining its hallmark style – both subversive in nature and fiercely feminine; it merges authentic French sophistication with American pragmatism and ease.
The iconic 57-story, 792-foot Woolworth Building was completed in 1913 and at the time was celebrated as the tallest skyscraper in the world.Its class A office space provides high-ceilings, abundant light and views across Downtown Manhattan.The building most recently set records with the highest-ever asking price for a condominium in Downtown Manhattan for the newly designed penthouse apartment asking $110 million.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 28 offices in the U.S. and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals in over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
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