Designer Derek Lam has signed a long-term, 13,350 s/f lease to relocate its corporate headquarters to 105 Madison Avenue in NoMad.
The high-end women’s fashion company, which currently occupies two floors at 10 Crosby Street in SoHo, will streamline its operations by comprising the entire 8th floor of the 20-story, 257,000 s/f building.Derek Lam is expected to take occupancy in January 2014.
Studley senior managing director, Jeffrey I. Peck, executive vice president, Daniel O. Horowitz, and assistant director, Christopher P. Foerch represented the tenant in the long-term leasing transaction. Paul Davidson and Michael Frantz of Newmark Grubb Knight Frank represented the landlord, A&R Real Estate Inc. Asking rents were in the $50’s per square foot.
According to Peck, an industry expert known for his work with other luxury brands, the Studley team determined that relocating would allow Derek Lam to house its operations in a more efficient floor plan. Peck said, “The designer needed more space for an increasing headcount as well as an additional showroom for their second clothing line. Moving to 105 Madison Avenue allows Derek Lam to showcase their luxury brand in a building with character and in NoMad. ”
