Publicly traded PVH Corp., owner of Calvin Klein and Tommy Hilfiger, has signed a long-term renewal and expansion lease at 501 Seventh Avenue, a building owned by Empire State Realty Trust, Inc. With the renewal and expansion on the premises, PVH will occupy 223,616 square feet on part of the third, fifth and ninth floors and all of floors 10-15.
In February of 2013, PVH acquired Warnaco, which was headquartered at the building. “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,” says Mr. Durels. “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.”
Located at West 37th Street, steps from Penn Station, 501 Seventh Avenue comprises 18 stories and 489,218 rentable square feet of modern office space. The high-rise is the recipient of two Building Owners & Managers Association New York (BOMA/NY) Pinnacle Awards: Operating Office Building of the Year in 2007 and Renovated Building of the Year in 2006. The upgrade program that led to the latter includes a fully renovated lobby, new elevators and windows, renovated air-conditioned public corridors and restrooms, and upgraded building-wide systems, including state-of-the-art electrical, plumbing, HVAC and security.
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.
Image courtesy Empire State Realty Trust