Two Deals Take Up More Than 200,000 SF at 625 Madison

NEW YORK CITY-Polo Ralph Lauren Corp. receives naming rights by signing on for 186,000 sf of office space at the 558,000-sf 625 Madison Ave. Related Capital also took 87,000 sf at the site, which now has an occupancy rate of 92%.

In October, SL Green expanded its Midtown presence by purchasing a 100% leasehold interest in the former Revlon building for $231.5 million, or approximately $415 per sf. The ground lease expires June 30, 2054. At that time the building was only 68% leased due to the departure of Revlon in late 2003, which left 172,000 sf vacant when the cosmetics giant inked a deal for 151,484 sf at 237 Park Ave.

Polo Ralph Lauren will occupy approximately one third of the property for its corporate offices and as a Midtown-area hub. The company signed a 15-year deal. Related Capital’s 10-year lease consists of a 43,000-sf renewal and a 44,000-sf relocation and renewal. Related, which is a subsidiary of CharterMac will continue to occupy two floors.