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Fashion legend's 7th Ave. renewal.

After 20 years of signing three-year renewals at 550 7th Avenue, celebrated fashion designer Bill Blass, Ltd. has signed its first long-term renewal for 10 years.

Kaufman/Adler Realty, a division of The Kaufman Organization, negotiated the deal for 11,695 sq. ft. of full-floor showroom space*

The Kaufman/Adler team of Grant Greenspan, Michael Heaner, Robert Savitt and Jack Wynne represented the tenant in the transaction. Alan Grossman of the Georgetown Group, Inc. represented the landlord. The asking price was $36 per square foot.

The 24-story, 250,000-square-foot couture building, built in 1925, also houses several marquee names in the fashion industry, including Oscar De La Renta Ltd., Donna Karan, Vivienne Tam, Jill Stuart, Polo Ralph Lauren, and Lilly Pulitzer.

"Because of the building's workletter, the company decided to sign its first long-term lease after two decades of occupancy," said Greenspan. "We are pleased to have negotiated Bill Blass, Ltd.'s first long-term lease in two decades."

"With the market beginning an upturn, we're seeing more tenants locking in longer-term rents," said Heaner. "We're glad we were able to help Bill Blass Ltd. take advantage of this situation."
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Publication:Real Estate Weekly
Date:May 5, 2004
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