With international menswear designer Bugatchi Uomo and luxury brand Escada joining Valentino at 693 Fifth Avenue, the boutique office tower located in the Plaza District has become a hub for high-end designers.
Since acquiring the property, the ownership, affiliates of the Paris-based holding company FIMALAC, has worked with the Savitt Partners’ team of Michael Dubin, Elliot Zelinger and Greg Lafayette to attract upscale tenants that would complement the existing occupancy, as well as further enhance the overall value and cache of the office property.
The most recent additions, Bugatchi Uomo inked a 6,072 s/f office lease, while Escada leased 5,844 s/f of space. Average asking rents at the property are in the mid-$70 per-square-foot.
Located between East 54th and East 55thStreets, the 20-story, 105,500 s/f office tower is home to international fashion designer Valentino, and London-based art gallery Carpenters Workshop. The property is steps from Rockefeller Center, Central Park and the Museum of Modern Art and features a newly designed lobby, common areas and elevators.
“693 Fifth Avenue is a true gem in the market,” said Dubin. “After a targeted marketing campaign, the ownership’s overall vision for the property came to fruition as we were able to secure leases with upscale tenants that complement the building’s existing occupancy and create an overall identity as a hub for international fashion brands.”
Currently at 264 West 40th Street, Bugatchi Uomo will relocate its New York City office to the eighth floor of the boutique office property. Stephane Abitbol represented Bugatchi Uomo in-house in the lease negotiations.
Escada, which currently occupies retail space at 7 East 55th Street, will house its US offices on the sixth floor.
The Cushman & Wakefield team of Jim McCaffrey and Ethan Silverstein represented the tenant.