Handler Real Estate Organization has arranged a long-term renewal and expansion at 555 Madison Avenue on behalf of leading French perfume creation company MANE USA, Inc.
“A multigenerational family business, MANE is one of the most influential perfume creation companies in the world and is in major growth mode,” said Handler Executive Managing Direct Peter J. Newman, who along with Associate Director Darell Handler represented the tenant in the transaction.
“This strategic renewal and expansion will further catapult MANE to the next level, assisting in the continued recruitment of top talent and growth of its business.”
Under the terms of the new lease, MANE will occupy the entire 28th, 30th, and 31st floors in the tower, comprising 17,417 square feet total.
The new transaction pulls together the firm’s entire footprint in the building — renewing the 28th and 30th floors and now also taking the 31st floor — all under one, long-term lease.
MANE is expected to move into the additional floor in June 2015, pending build-out. The firm’s executive offices will be located on the 30th and 31st floors. The 28th floor will be used for general office space, and the firm’s laboratory space, which has now quadrupled to approximately 4,000 square feet.
The property, also known as The Coates Building, is owned and managed by the Rodney Corporation.
Robert A.B. Baraf, Mark Mandell, and Ethan Silverstein of Cushman & Wakefield, represented the landlord in the transaction.
Situated between East 55th and 56th Streets, The Coates Building is a 32-story, 450,531-square-foot class A property located in the heart of the Plaza District. It is surrounded by world class restaurants, hotels, shops, and cultural venues. Nearby sights include The Museum of Modern Art, Central Park, The Plaza, Lever House and The Seagram Building.
MANE’s renewal and expansion at 555 Madison Avenue dovetails with its overall corporate mission. Launched in 1871, MANE embodies inspiration into its creations through the use of state-of-the-art technologies, combined with an unrivaled knowledge of natural raw materials to bring consumers the best of nature.