Company moves from Murray Hill to the more polished Park Avenue submarket.
BY GUS DELAPORTE 2/13 7:30AM
Isreali textile firm Delta Galil has signed a 47,012-square-foot sublease from cosmetics manufacturer Coty at 2 Park Avenue, Commercial Observer has learned.
The tenant will pay rent starting in the mid-$40 per square foot through March 2022, according to data from CompStak. The sublessor is paying rent in the low-$40s.
“Everyone has recognized the high level of finish and value that exists in this space and Delta Galil is no exception,” said Richard Bernstein of Cassidy Turley, who represented Coty.
Delta Galil has listed its current space at 6 East 32nd Street for sublease and is expected to relocate to 2 Park Avenue during the second quarter.
Coty has offered space at 2 Park Avenue for sublease in conjunction with the company’s consolidation to a single corporate location at the Empire State Building. Two more units of 30,000 and 15,000 square feet are available for rent.
“If you look at the leasing history in recent times at 2 Park Avenue, the building has been very successful leasing direct space and we have been very successful in leasing the Coty space,” Mr. Bernstein noted. “In Coty’s case, we are able to offer space that is highly improved. It’s a win-win for any subtenant.”
As reported by Commercial Observer, Talbots signed a 12-year, 49,574-square-foot office lease at 2 Park Avenue earlier this year. The tenant is paying in the low-$50s per square foot, according to CompStak.
Mr. Bernstein represented Coty alongside Ralph Giordano and Peter Brestovan.