Free People, a retail clothing brand that is part of the Urban Outfitters family of companies has committed to a direct 13,100 s/f lease renewal and a 13,800 s/f sublease at 218 West 40th Street.
The contemporary fashion brand subleased the 13,800 s/f showrooms previously housing a Phillips-Van Heusen brand on the entire sixth floor.
Subsequently, the company singed a direct lease with the landlord for the space once the sublease term expires.
It also renewed and extended its existing 13,100 s/f of space occupying the whole seventh floor of the property. Both long-term leases will run concurrent.
Bob Savitt, president and founder of Savitt Partners, represented the building ownership, 218 West 40th Associates LLC, in the lease negotiations.
Allen Gurevich of Newmark Grubb Knight Frank acted on behalf of Free People. Matt Astrachan of Jones Lang LaSalle represented Phillips-Van Heusen in the sublease.
218 West 40th Street is a 166,000 s/f office tower steps from Times Square, the Fashion District and Bryant Park.
The property, which is fully occupied, offers tenants adaptable open layouts on full floors with up to 14,000 s/fof space.
High profile tenants at the property are Calvin Klein, Phillips-Van Heusen, The New School and the National Academy Foundation.