Randi Rham, who has created one-of-a-kind dresses for celebrities including Beyonce, Eva Longoria, Carrie Underwood, and Jennifer Lopez, is relocating within Midtown to 501 Madison Avenue, the recently repositioned, boutique office property in the heart of the Plaza District.
Colliers International arranged the 10-year lease on behalf of building ownership, with Randi Rahm taking 6,433 s/f office and showroom space on the eighth floor.
The building also recently signed leases with Italian footwear and accessories designer Carlos Pazolini, architecture firm Design Republic Partners, and German apparel company Porsche Design, which signed a long-term lease its U.S. flagship location.
Randi Rahm will move into its new, expanded space at 501 Madison in June 2014.
The Colliers International Tri-State leasing and property management team of Alex Jinishian and Seth Hecht with chairman and Robert L. Freedman and associate Timothy Pond arranged the lease on behalf of the building owner, KRW Realty Advisors.
George McCarthy of Real Property Advisors negotiated on behalf of Randi Rahm Studio.
“We’ve seen a flood of interest from creative and professional companies that are looking for modernized space and an updated infrastructure in a boutique building,” Jinishian said. “Randi Rahm needed a space with character that reflected its company philosophy and dedication to creating one-of-a kind gowns for celebrity clientele. The studio’s new location at 501 Madison will accommodate the growing company and provide an inviting space that their clients will look forward to visiting.”
Megastar Beyonce wore Randi Rahm’s “Mallory” dress to perform at First Lady Michelle Obama’s birthday party at the White House in January. Rahm’s gowns have also been spotted on the red carpet at movie premiers, galas and this year’s Sag Awards and Golden Globes. Her custom creations range in price from $8,000 to $30,000.
Located at the northeast corner of 52nd Street, the 185,000-square-foot Plaza District property is in the final stages of redevelopment. Slated for completion in the second quarter of 2014, the renovations include a new building entrance and lobby, new elevator cabs and mechanicals, multi-tenant common areas, new windows, restrooms, as well as a new 400-ton cooling tower, upgraded electrical, new building security and Class E systems, and retail space upgrades.
Since the renovations began in June 2013, sophisticated tenants have been quickly inking deals to move to the 30-story, art deco property. In the last six months, more than 30 new leases have been signed and several tenants have expanded within the building. Other tenants in the newly renovated tower include Innisfree M&A Inc., World Jewish Congress Foundation, and Oscar Heyman & Bros.
Only 30,000 square feet of space remains vacant.
Built in 1930, 501 Madison Avenue includes floor plates ranging from 1,826 to 8,938 square feet, and approximately 8,800 square feet of prime ground and second floor premises, providing a flagship retail opportunity along one of the most exclusive luxury goods corridors in the world. Below grade space can be made available as requested.
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