Hugo Boss Relocating to Downtown Manhattan
The apparel retailer will move its North American headquarters from Manhattan’s Midtown South submarket to 55 Water St. during the second quarter of 2015.
By Keith Loria, Contributing Editor
Hugo Boss has leased 73,690 square feet at 55 Water St. in Downtown Manhattan from New Water Street Corp, an entity controlled by The Retirement Systems of Alabama.
55 Water St., New York City
The deal includes 68,793 square feet on the entire 48th floor and partial sublevel space of 4,897 square feet, and the space will serve as Hugo Boss’ new North American headquarters. Hugo Boss plans to move into the 53-story building in the second quarter of 2015.
CBRE Group Inc. represented the ownership in the transaction. Greg Taubin of Savills Studley represented Hugo Boss.
“The building has roughly 65,000-square-foot floor plates, virtually column-free, and really gives companies the ability to be efficient,” Howard Fiddle, CBRE’s vice chairman, told Commercial Property Executive. “The building is surrounded by water on one side and parks on the other two sides, so it has this tremendous light, and the amenities are very special.”
Amenities in the building include two on-site parks with Wi-Fi accessibility; a new high-end, tenant-only cafe and coffee bar; a 600-car parking garage; and above-standard HVAC with emergency power. It also includes The Elevated Acre, considered one of Downtown’s hidden gems, updated with a seasonal beer garden.
The neighborhood boasts attractions such as Stone Street, the South Street Seaport, the Vietnam Veterans Plaza, plus an established and still-growing residential community, as well as access to subways, ferries and the FDR Drive.
Hugo Boss is relocating from the Starrett-Lehigh Building at 601 West 26th St. in Midtown South.
“We are seeing a tremendous amount of transaction flow from Midtown and Midtown South to Downtown,” Fiddle said. “A lot of the older, obsolete buildings have been converted to residential, plus the whole Brooklyn residential boom, so a lot of people are living downtown and companies are more comfortable with being downtown. It’s the hip place to be.”
Joining Fiddle on the CBRE team were David Caperna, Evan Haskell, Bradley Gerla and Mary Ann Tighe.
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