MEAG, Munich Re’s asset manager, announced that Swedish men’s shirts brand Eton has leased a prime ground floor retail space at 330 Madison Ave., the Class A, 852,000-square-foot tower that is 95% leased to prominent tenants including Guggenheim Partners, JLL and MunichRe.
Eton has signed a 10-year lease to occupy 2,900-square-feet on the ground floor of the property that sits adjacent to Grand Central Terminal in the heart of Midtown Manhattan. The retailer will create their flagship NYC store within the building, which lies in the pathway of nearly one million daily commuters, visitors and residents.
“Eton will enjoy a prime corner location within one of the world’s most unique neighborhoods and we are thrilled to welcome them to 330 Madison where they will enhance the tenant experience and further elevate the building’s prestige,” said George Waldschuetz, MEAG’s senior asset manager. “Flanked by spectacular new developments, such as One Vanderbilt and the new JP Morgan building, Eton arrives at 330 Madison in the midst of an exciting new chapter as rezoning heralds the emergence of a newly energized district.”
The new location, expected to open in the fall of 2023, is a strategic move to further solidify Eton’s position as a leading luxury shirt brand for men in its ever-expanding US and global markets. Atul Midha, Global Retail Director at Eton, said that the new location will mark another milestone for the company as it positions the brand to meet evolving customer demand. Midha added, “It’s the right place at the right time to thrive on our growing popularity and enhance our brand presence. Our customers continue to seek a seamless omnichannel service that includes an immersive retail experience as part of the journey. We are thrilled to showcase our entire collection of exclusive shirts and accessories in one of the world’s most dynamic locations.”
Designed by Ely Jacques Kahn, one of the fathers of the New York City skyline, and built in 1963, 330 Madison Ave. was fully renovated in 2012 with features that include a glass curtainwall façade, new lobby and updated systems that achieved LEED Gold certification. Situated on the corner of Madison Avenue and 43rd Street, the retail space provides nearly 100 ft. of wraparound frontage. With double-height glass storefronts and high ceilings, the space offers expansive signage and branding opportunities.
A JLL retail leasing team that includes vice chairman Patrick Smith, executive managing director Erin Grace, and executive vice presidents Matt Ogle and Corey Zolcinski, represented Munich Re Group in the lease with Eton. The team continues to market over 10,000 square feet of retail space available for lease on the ground floor and lower levels in the building where other retail tenants include Citibank and Bluestone Lane. Eton was represented by Josh Berger and Sam Matayev of Norman Bobrow & Company.
“Eton brings a leading international brand to 330 Madison Ave. and their arrival will elevate the area’s cache as a shopping destination,” said Grace. “With preeminent neighbours including Steinway & Sons and Tourneau, culinary landmarks from the likes of chef Daniel Boulud, great architecture, art, activities and the abundance of Bryant Park itself, the neighbourhood will continue to be a favourite of residents, workers and visitors alike.”
Added Josh Berger, “We are thrilled to have used our expertise and support to help Eton as they make further investment in the US market with a new flagship store that will undoubtedly propel them towards achieving their ambitious goals and further elevate their brand to new heights.”
