Crains New York - June 4, 2012 - (Page 13)

R E A L E S TAT E D E A L S VARIED VACANCIES Chain consolidates on West 38th Class B office space, May 2012 AVG. RENT PSF VACANCY RATE C Caché merges two offices in garment district into one HQ aché, a mall-based women’s retail chain, is relocating its headquarters to 256 W. 38th St., where it has inked a lease for 43,100 square feet. The asking rent for the 10-year deal was $37 a square foot.The company plans to move in during the third quarter from two buildings where it has operations, 1440 Broadway and 260 W. 39th St. The deal brings the 14-story building to 90% occupancy, according to Michael Frantz, a Newmark Grubb Knight Frank broker who represented the owner, East End Capital. Mr. Frantz said the building is in the midst of an extensive renovation that began last September, when East End bought it. Jones Lang LaSalle brokers represented Caché. —theresa agovino one-third larger than Fort Street’s present SoHo quarters, at 578 Broadway, at Prince Street. It has been located there for roughly 15 years. The tenant plans to use the space for an office, showroom and art studio, where it will design carpets. The firm will move in a few weeks when improvements to the space are completed, according to Barbara Raskob, who along with colleague Steven Kaufman were the in-house representatives for the landlord, the Kaufman Organization. “The area is a congenial atmosphere for interior design,” he added.“There are a lot of complementary companies in the building.” The 11-story building is now 100% occupied. Its tenants include FXFowle Architects and Office Furniture Heaven Inc.“They fit perfectly in the building,” said Ms. Raskob. The high-end rug company was founded in 1996 by artists Janis Provisor and Brad Davis.Fort Street has designed carpets for the Hermès Maison collection, among others. —amanda fung Downtown $34.60 9.3% Midtown $48.43 11.6% Midtown south $45.52 Source: Jones Lang LaSalle 5.9% Designer stitches showroom, studio Fashion designer Mara Hoffman has sewn up a lease on a new showroom and studio. Ms. Hoffman, who founded her womenswear line a dozen years ago, recently signed a five-year deal for 3,200 square feet on the ninth floor of 866 Sixth Ave., between West 30th and West 31st streets. The asking rent was $31 a square foot. Previously, Ms. Hoffman shared a showroom in the garment district, and operated her own studio of less than 1,000 square feet on West 28th Street. Her clothing sells at boutiques such as Wink NYC, as well as department stores like Bloomingdale’s. “This is a big expansion for her,” said Andrew Epstein, president of Easy Street Properties, who represented Ms. Hoffman in the deal. He noted that the area is very hot right now, thanks to the proximity of the Ace and NoMad hotels. Sam Stein of Justin Management represented landlord Nisselli Realty in the transaction. —adrianne pasquarelli Rug-maker really ties room together Fort Street Studio is shifting its headquarters north to Chelsea from SoHo. The company, which turns wild Dandong silk from the oak forests of northern China into luxurious hand-knotted rugs, has signed a 10-year lease for 8,100 square feet at 22 W. 19th St. The asking rent was in the high $30s per square foot. “Their business is expanding because they are doing very well,” said Jim St. Andrew of Peter McCuen & Associates, who represented the tenant, adding that the new space is June 4, 2012 | Crain’s New York Business | 13 http://merchant.bankofamerica.com/paymentum http://merchant.bankofamerica.com/paymentum

Table of Contents for the Digital Edition of Crains New York - June 4, 2012

Crains New York - June 4, 2012
Table of Contents
Drink stink: Big Soda aims to fight Bloomberg ban
To your health: Late nightclub owner bequeathed bar’s profits to hospitals
New York, New York
Tax cuts for wage hikes: A political deal takes shape in Albany
Sugar buzz: Readers weigh in on the idea
Viewpoint
Opinion
Small Business
Real Estate Deals
Classifieds
NASCAR’s marketing chief hits the road
Seed money for social entrepreneurs
Hot Jobs
Tracey Stewart finds her “moment of Zen”
A dream of a wine bar opens
The Week Ahead

Crains New York - June 4, 2012