L&L Signs Shiseido to 226 KSF in New York City
The cosmetics firm will relocate its Manhattan headquarters to 390 Madison Ave., a 900,000-square-foot redevelopment project the real estate investment firm is undertaking in a partnership with Clarion Partners LLC, on behalf of the New York State Common Retirement Fund.
By Barbra Murray
390 Madison Ave.
L&L Holding Co. has signed cosmetics company Shiseido Americas Corp. to a 225,800-square-foot lease at the Midtown Manhattan property. L&L is currently redeveloping the building into a nearly 900,000-square-foot gem in partnership with Clarion Partners LLC, on behalf of the New York State Common Retirement Fund.
“Bringing a globally-renowned and innovative company like Shiseido to 390 Madison speaks volumes about the desirability of 390 Madison and all that has been invested to re-imagine and reinvent the tower to be a model 21st century work environment,” David Levinson, chairman & CEO of L&L Holding Co., said in a prepared statement.
L&L is in the midst of transforming the former 380 Madison, re-massing the property through the demolition of 3 million pounds of concrete and more than 160,000 square feet to make room for the addition of several new floors atop the existing structure. Kohn Pedersen Fox Associates and Adamson Associates are behind the design of the project, which will emerge as a state-of-the-art trophy office destination featuring collaborative indoor and outdoor spaces, advanced connectivity, green technology and two levels of retail space. Shiseido will relocate its headquarters from 900 Third Ave. to eight floors of what will ultimately be a 32-story tower clad in floor-to-ceiling glass.
GOOD NEIGHBOR
L&L’s agreement with Shiseido marks the second major pre-lease the company has solidified for 390 Madison. A little over one year ago, the company inked a deal with Hogan Lovells LLC for the law firm to occupy 207,000 square feet at the tower. L&L hasn’t shared the financial intricacies of the lease contracts with its new tenants; however, the company is marketing space at the project for $90 to $125 per square-foot. The average asking rent for office space in Midtown stood at $80.5 per square-foot in the third quarter of 2017, according to a report by CBRE.
Like Hogan Lovells, 390 Madison’s first tenant to commit, Shiseido signed a 15-year lease. The cosmetics company was represented in the transaction by CBRE, while L&L relied on its in-house leasing team. With Tishman Construction onboard as general contractor, 390 Madison has already topped out and will welcome Shiseido in fall 2018.
Image courtesy of L&L Holding
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