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Retail Architect Takes 14,836 SF

NEW YORK CITY-The transaction moves the design firm to the seventh floor of 360 Lexington Ave. It previously took space on the 17th floor of the same building.

By Melissa Kress | Updated on November 14, 2005

NEW YORK CITY-Peg/Park, a high-end retail architectural design firm, has inked a deal to lease 14,836 sf at 360 Lexington Ave. The lease, with an aggregate value of approximately $5.5 million, moves the firm from the 17th floor to the seventh floor of the Midtown building. According to CB Richard Ellis, the transaction equals a growth of nearly 100% for Peg/Park. It also marks the company’s second expansion in five years. Steve Eynon, a CBRE vice president, represented Peg/Park. “After an extensive search of both the Midtown and Midtown South markets, we were able to leverage the most cost-effective transaction for Peg/Park at their current premises,” Eynon says in a statement. “The building features flexible floor plates, which help Peg/Park meet its operational needs. Its proximity to Grand Central is also a big plus.”Peg/Park, a division of kennethpark, has a client roster that lists Coach and Polo Ralph Lauren. The firm’s recent work includes design of the interior of Adidas’ new flagship store at 610 Broadway, according CBRE. Built in 1958, 360 Lexington Ave. is a 26-story office tower located in Midtown at 40th Street. The building’s owner, Meringoff Properties, was represented by in-house counsel.

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