The existing lease wasn't due to expire until 2014, Astrachan tells GlobeSt.com, but "they had an expansion need due to acquisitions and organic growth." In October Phillips-Van Heusen acquired Superba, a tie maker. To meet the growing needs, the company leased the entire eighth floor and renewed on the 10th through the 18th floors and the 23rd floor, so that the company now lease 10 entire floors.
"The idea here was to try to preserve the investment they had made into the property while accommodating their internal growth," Astrachan says.
Phillips-Van Heusen first moved its headquarters to the building in 1998, Astrachan says. It will move into the eighth floor after the space is built out.
Astrachan, Mitchell Konsker and Steven Bauer, with C&W, represented Phillips-Van Heusen. Peter S. Duncan and Matt Coudert of George Comfort & Sons Inc. represented 200 Madison Associates LP, the buildings owner.
According to George Comfort & Sons website, 200 Madison only has a 4,871-sf spot available in the building. The asking rent is $55 per sf. The rate for Phillips-Van Heusen's lease was not released. But if it paid near the asking rent that would mean the company will pay $11 million per year.
Phillips-Van Heusen markets a number of apparel companies; including Calvin Klein, IZOD, Bass and G.H. Bass & Co., Geoffrey Beene, Kenneth Cole New York, BCBG Max Azria, Michael Michael Kors, Sean John and Donald J. Trump Signature Collection.
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