Alexander Wang Joins Gucci and Hugo Boss' NYC Fashion Migration
Fresh on the heels of other big retail relocations, Alexander Wang could be the latest fashion house to migrate to downtown New York, sources say. In recent months, both Gucci and Hugo Boss moved to NYC's Financial District, signing on for 80k SF and 74k SF leases, respectively. Alexander Wang would occupy the 75k SF penthouse of 115 Broadway, a 21-story neo-Gothic building. The average asking rent for the building is around $60/SF (downtown Manhattan runs cheaper than Midtown). CBRE's Brad Gerla and Adam Foster rep landlord Capital Properties, should the deal close. After publishing house Conde Nast moved into 1 World Trade Center last year, many creative firms followed suit, leading to the neighborhood's commercial resurgence. Now 850k SF of downtown office space belongs to the fashion industry, according to a report by Newmark Grubb Knight Frank. "Fashion tenants come and they make their space creative whether or not the building they're in fits that exact image," David Falk from NGKF says. [Crains]
