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Deals & Dealmakers

Bulgari to lease design floor at 555 Madison Avenue

Cushman & Wakefield has closed a 23,167 s/f lease with Bulgari, the upscale Italian jeweler, for the entire ninth floor of The Coates Building at 555 Madison Avenue on the corner of 56th Street on Manhattan’s East Side.

Taking a 15-year lease, Bulgari’s arrival reinforces the property’s growing reputation as one of Manhattan’s foremost centers for the offices of high-end clothiers, designers, jewelers and perfumers.

Cushman & Wakefield, which has represented the 440,000-square-foot building since 1997, last year closed a lease with fashion designer MaxMara to occupy the entire tenth floor.

In 2013, clothing designer Fendi closed a deal for the entire 15th floor. Also, in 2012, jeweler Kwiat Enterprises closed a deal for part of the 14th floor. MANE, the French perfume company, is also housed on multiple floors in the 32-story building.

The property recently upgraded its lobby and façade, including a transparent lobby front that completely connects the building with the streetscape.

The Coates Building was an early adapter in respect to environmentally responsible energy management. It was one of the first in the Plaza District to implement a range of features that conserve energy and promote sustainability.

Robert A. B. Baraf, Mark Mandell and Ethan Silverstein of Cushman & Wakefield represented the building owners, the Coates family. Michael Goldman of Savills Studley represented Bulgari.

“It’s been exciting to see this first-class property steadily reach a point of critical mass in attracting top names in design and fashion,” said Mr. Baraf. “The Coates family takes great pride in this building, and its tenants appreciate the family’s commitment to quality and service.”

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