NEW YORK CITY—After relocating their global headquarters to the UK, Avon Products, Inc. has subleased their office space at 777 Third Ave. to WestPoint Home. The supplier of fashion and home textile products (such as sheets, blankets, duvets and comforters) will be occupying 25,650 rentable square feet, the entire seventh floor.
The company will be moving from its current location at 28 E. 28th St, between Third and Lexington avenues in Manhattan's Kips Bay neighborhood. The sublease extends through June 2026. Additional terms of the deal were not disclosed. But when GlobeSt.com reported on Oppenheimer's leasing the entire 34th floor in December 2018, the asking rents in the building were $68 to $70 per rentable square foot.
Other building tenants include Rose Associates and the Hospital for Special Surgery.
The 39-story, 520,00 square-foot building that stands between E. 48th and E. 49th streets was originally built in 1964 according to Real Capital Analytics. The building is owned by William Kaufman Organization.
A Cushman & Wakefield team led by Dale Schlather with Jonathan Fales, Michael Burlant, Heather Thomas and Greg Herman and an ACTIO Corporate Asset Advisors team led by Michael Katz and Zach Cherney represented Avon Products. CBRE's Michael Monahan and Paul Walker represented WestPoint Home.
With this transaction, Avon has subleased eight of its nine leased floors. The company now only has one remaining 24,650-rentable-square-foot, turn-key space on the 8th floor available to sublease.
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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.
