NEW YORK CITY-Savitt Partners’ 530 Seventh Ave. is nearly full now, thanks to a hefty lease renewal and expansion by DL 1961. The deal was brokered by Marc Schoen and Michael Schoen, who repped the denim company, and Bob Savitt, who repped Savitt Partners in-house.
“They started their business in the building a couple of years ago and they’ve done very well,” Savitt tells GlobeSt.com. “They were almost tripling their space and the layout worked for them so they have to do very little work to it.”
The company will take an additional 5,200 square feet in the Art Deco building, growing to occupy 8,700 square feet on the 15th floor. A Savitt Partners spokesperson says that the asking rent was $55 per square foot for the space.
According to Savitt, the lease brings occupancy in the building to 99%. He adds that the company was attacted to the space not only because of its history in the building, but also because of the windows it offers on three sides. “It’s got great light and views,” he says.
Other fashion tenants in the 460,000-square-foot building include Perry Ellis, Max Mara, Carmen Marc Valvo, and Onward Kashiyama. Vacancy in the building had been on the decline, as GlobeSt.com reported, since two summer leases brought the rate down to roughly 4%.
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