Savills announced that it represented the Saadia Group in a 40,738 s/f sublease at 275 Madison Avenue.
The New York City based investment firm will leverage the contiguous space as the new headquarters for Lord & Taylor and New York & Company, whose intellectual properties were acquired by the Saadia Group in October of last year.
Andrew Zang, an assistant director at Savills, said Jack Saadia, principal and co-founder of the Saadia Group, sought a space for the firm’s recently acquired brands and tapped Savills for a strategic plan that included identifying a location that would allow Lord & Taylor and New York & Company to quickly establish operations while maintaining a New York City presence and accommodating future growth.
“To that end, we evaluated the market and identified a plug-and-play opportunity at 275 Madison Avenue that allowed for immediate occupancy and minimal up-front capital expenditure costs,” said Zang.
The Saadia Group was represented by a Savills team of Gabe Marans, Zang and Greg Albert.
Saadia plans to relocate to the 275 Madison Avenue, where showroom space and administrative staff will be spread across three contiguous floors, this spring. Additional terms of the transaction were not disclosed.
“New York City is an integral part of the brand DNA for both Lord & Taylor and New York & Company. I am excited to announce that the headquarters for both of these legacy brands, as well as several additional companies within the Saadia Group portfolio, will utilize this shared workspace to maximize productivity and create a synergistic workflow,” said Jack Saadia.
“This office space will provide our teams with a collaborative and safe working environment that will ultimately lead to growth and expansion across our network of brands.”
The space was subleased by Cushman & Wakefield. It was the former HQ for Massey Knakal, which the brokerage giant acquired in 2014 and was placed on the market before the pandemic struck by listing agents Stuart Romanoff, Franklin Speyer, Michael Baraldi and Lexie Perticone .
275 Madison Avenue, completed in 1931 and designated a historic landmark in 2009, is a 43-story Art Deco-style building centrally located in Midtown Manhattan. The tower is in close proximity to Grand Central Terminal, Bryant Park, Times Square and Penn Station; and is situated near the premier shopping corridors of Fifth and Madison Avenues.