L'Or&#233al Renews 389,000-SF Lease at 575 5th

NEW YORK CITY-Despite the fact that it still has three years left on its existing 20-year lease, the L’Oréal Group has ironed out a 10-year extension for its 389,000-sf space at 575 Fifth Ave.

Insignia/ESG’s Bill Hedman, Michael Geoghegan, Thomas Shirocky and Robert Makaron negotiated the 389,000-sf deal on behalf of L’Oréal USA. Sterling Equities, which owns and manages the building, was self-represented by Jeff Wilpon, Saul Katz and Michael Katz. Details of the lease extension, which takes effect in January 2006, have not been released.

Hair- and skin-care giant L’Oréal USA occupies nearly 80% of the 540,000-sf building’s office space. Located at 47th Street and 5th Avenue, the property is 100% occupied. Other tenants in the 40-story tower include Barney’s New York, McDonald Investment and Westpac Banking Corp.