NEW YORK CITY—There's a pearl of wisdom in Mikimoto (America) Co. Ltd.'s decision to remain in its offices. The fine jewelry company signed a 15-year renewal for a 25,000 square-foot lease at 680 Fifth Ave. The building's owner is Josef Buchmann and is managed by Valor Capital Partners. A source close to the deal tells GlobeSt.com that asking rents in the building range from the low $70s to low $80s per square foot.
The office will remain close to its well-known flagship store at 730 Fifth Ave.
In 2000, Mikimoto first moved into 680 Fifth Ave. when it subleased part of the fourth floor from The Gap. It subsequently expanded to the entire sixth floor with a direct lease. With its lease renewal, Mikimoto will leave the space on the fourth floor but occupy the majority of the fifth floor and remain on the entire sixth floor.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
