Clothing giant Phillips-Van Heusen (PVH) has signed a long-term renewal and expansion lease at 501 Seventh Avenue, a building owned by Empire State Realty Trust, Inc..
Thomas P. Durels, ESRT’s chief of property operations and leasing, said the renewal and expansion brings PVH’s occupancy to 223,616 s/f on part of the third, fifth and ninth floors and all of floors 10-15.
Known as the world’s largest shirt company with brands that include Tommy Hilfiger, Calvin Klein and IZOD, PVH acquired the Warnaco textile corporation in February.
Warnaco — which designs, sources, markets, licenses, and distributes underwear, sportswear, and swimwear worldwide under brand names that include Speedo, Chap and Olga — was headquartered at 501 Seventh.
According to Durels, “501 Seventh Avenue was in the opening stages of a major transformation, and the Times Square South submarket was just beginning to change from a garment to office tenant market, when Warnaco moved in approximately 10 years ago. Since then, the Times Square South submarket is attracting quality office tenants from a wide range of industries. We are thrilled to have PVH expand and extend its commitment with us, and we look forward to continuing our long-term relationship.”
Mitchell Konsker and Matthew Astrachan of Jones Lang LaSalle and Steven Bauer of Cushman & Wakefield represented PVH in the lease negotiations.
Harry Blair, Sean Kearns and Kelli Mekles of Cushman & Wakefield represented Empire State Realty Trust.
