Luxury Pearl Jewelry Brand Upgrades Space and Remains Close to Flagship Store
Savills Studley announces that Mikimoto (America) Co. Ltd., the iconic fine jewelry brand known for its cultured pearls, has signed a 25,000-square-foot office lease to remain at 680 Fifth Avenue.
Mikimoto first moved into 680 Fifth Avenue in 2000 when it subleased a portion of the fourth floor from The Gap and subsequently expanded to the entire sixth floor through a direct lease. In a 15-year renewal, Mikimoto will restack to occupy the majority of the fifth floor and remain on the entire sixth floor, vacating its portion of the fourth floor.
680 Fifth Avenue landlord Josef Buchmann met Mikimoto’s capital improvement needs, enabling the tenant to upgrade its space to increase efficiency and modernize its design. The office building is managed by Valor Capital Partners LLC.
As Mikimoto’s trusted real estate advisors for over 18 years, the Savills Studley team of Daniel Horowitz, Jeffrey Peck and Kurt Handschumacher represented Mikimoto in the transaction. The same team handled Mikimoto’s original 2000 lease and subsequent expansion as well as the 2008 renewal of the brand’s flagship retail store at 730 Fifth Avenue. JLL’s Frank Doyle, David Kleiner and Harlan Webster represented the landlord in this year’s office transaction.
Said Horowitz: “We analyzed several relocation options, but Mikimoto’s ability to remain close to its retail flagship, modernize its space and continue its relationship with a landlord that has served them well for 18 years ultimately weighed in 680 Fifth’s favor. Following the restack and renovation, Mikimoto’s New York office will be a powerful reflection of its brand and will serve as a strong foundation for the company’s success for the next 15 years.”
Said Peck: “There are a lot of quality space options for a 25,000-square-foot tenant in today’s office market, but for Mikimoto at 680 Fifth Avenue, nearly two decades of white-glove attention from the landlord was a perk that could not be duplicated. When amenities, office upgrades and the right deal structure have already been negotiated, a well-run building is often the key to building tenant loyalty.”
Said Doyle: “680 Fifth Avenue, one of the premier office buildings in the Plaza District, remained an ideal location for Mikimoto. The surrounding neighborhood offers a tremendous range of sophisticated dining and cultural destinations. The office tower is adjacent to The Museum of Modern Art, opposite the University Club and Fendi, one block south of The Peninsula Hotel and just north of Rockefeller Center.”
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
About Savills Studley
Savills Studley is the leading commercial real estate advisory 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 platform includes brokerage, project management, capital markets, consulting and corporate services. With 31 offices in the U.S. and Canada, 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 35,000 professionals and more than 600 offices in over 60 countries around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
For more information, please visit www.savills-studley.com
