NEW YORK CITY-After undergoing a $550-million makeover, the culture at the iconic pre-war Empire State Building is not only shifting, but getting bigger tenants as well. In January, Li & Fung committed to nearly 490,000 square feet there, and on Wednesday landlord W&H Properties allured global beauty and fragrance giant Coty Inc. to relocate all its Manhattan offices exclusively to the 2.8-million-square-foot skyscraper, the company announced. Come April 2012, Coty will be moving from its space at One Park Ave. and Two Park Ave. in an effort to consolidate its North American headquarters.
Known for big-name brands like Baby Phat, Calvin Klein, Kenneth Cole, Marc Jacobs, Nautica, OPI and Vera Wang in its portfolio, Coty has occupied space in the Empire State building since 2008. Anthony E. Malkin, president of Malkin Holdings, which supervises W&H Properties, says in a statement that Coty has leased an additional 101,736 square feet in the building. The company, which already occupies 86,000 square feet on the entire 14th floor and most of the 15th floor, will expand to the entire 16th and 17th floors here next year.
“We’re thrilled that Coty chose W&H’s flagship for its headquarters, and that we were able to accommodate the firm’s space requirements, thanks to the property’s large floor plates,” Malkin says in a statement. “This has been a successful and productive tenant/landlord relationship, and we look forward to its continuation.”
Once known as a haven for small tenants, the deal is a symbol of the Empire State Building’s re-branding. Improvements here include building-wide mechanical, security and electrical systems, as well as a new art deco lobby and ceiling, new messenger center, restrooms, air-conditioned public corridors, marble elevator cabs and 6,500 new windows. Ralph Giordano and Richard Bernstein of Cassidy Turley represented Coty in the lease negotiations, while Ryan Kass, William Cohen and Lauren Davidson of Newmark Knight Frank represented the landlord.
In a statement, Malkin says companies of a “global stature” such as Coty requires a location with “prestige, state-of-the-art amenities, financially strong ownership and responsive management,” touting the strength of the building, which is located in the heart of the 34th Street corridor.
Other major tenants here include business networking site LinkedIn on the 25th floor, Turkish Airlines on the 75th floor and Baum-Essex Crossroads on the 24th floor. W&H was unavailable for additional comments to GlobeSt.com, while Newmark did not return a phone call in-time for deadline.
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