Search
 

Sportswear Firm Inks 168,000-SF Deal

NEW YORK CITY-Apparel giant VF Sportswear locks in a large amount of potential expansion space in a Midtown tower. The firm could potentially occupy more than 215,000 sf in the site.

By Barbara Jarvie | Updated on April 18, 2006

NEW YORK CITY-Taking into consideration its future needs as well as the dearth of large blocks of available space in Midtown, VF Sportswear committed to an early lock in at 40 West 57th St. The firm is a division of apparel giant VF Corp. and space in the site is used as the headquarters for the Nautica and Kipling brands.

The early lease renewal locked in 96,000 sf of expansion space at the 812,000-sf office tower. VF Sportswear now has a total of 168,000 sf in the site. Its space includes 48,000 sf of immediate expansion space for the headquarters brands. The long-term agreement also contains an option for up to 48,000 sf of additional space in the future, which would bring the firm’s presence in the building to more than 215,000 sf.

Cushman & Wakefield senior directors Stephen Downes and Don Preate represented VF Sportswear, while Charles R. Borrok, a Cushman vice chairman, represented the owner, the Lefrak Organization. “Large blocks of comparable class A space in Midtown are getting harder to find, and growing firms like VF Sportswear are locking in space for future growth needs now,” Downes says. In fact, at the end of March, the class A vacancy rate in Midtown for space available directly from the ownership dropped to 5.8% from 6.6% the previous year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.