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Lacoste expands to 35,000 s/f at 551 Mad.

Cushman & Wakefield announced that Lacoste, the high end apparel company, has made a commitment to renew and expand its U.S. headquarters office with the completion of a 35,000 s/f long-term lease renewal and expansion at 551 Madison Ave.

The retailer will occupy a portion of the 13th floor and the entire 14th, 15th, and 16th floors ofthe building, as well as the entire 17th floor--the top floor in the building which includes an outdoor terrace.

Lacoste made the early renewal as part of a strategy to maintain and reconfigure its space in the 17-story class-A boutique office building in advance of a 2014 lease expiration. Prior to the agreement, the company occupied 32,000 s/f on the fifth, 13th, 14th, and 15th floors of the building. The building is located at the Northeast corner of 55th Street.

Cushman & Wakefield brokerage professionals Frank Coco, Don Preate and Jamie Katcher advised Lacoste in its occupancy strategy and lease negotiations. The firm's Owen Hane and John Fitzsimmons are the exclusive leasing agents for 551 Madison Ave. The building is owned and managed by LaSalle Investment Management, a global real estate investment manager.

"We are thrilled that Lacoste explored its options and chose to make a long-term commitment to 551 Madison Avenue," said Hane, a Cushman & Wakefield senior director. "This was a moment in time that presented Lacoste with an opportunity to secure a favorable, long-term solution for its headquarters space that addressed cost, efficiency and operations," said Coco, a Cushman & Wakefield executive director.

Built in 1920, 551 Madison is a 149,263 s/f class-A office building located at the northeast corner of 55th Street. In addition to Lacoste, major tenants in the building include Union Bank North America, Golub Capital and Milestone Venture Partners.
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Comment:Lacoste expands to 35,000 s/f at 551 Mad.
Publication:Real Estate Weekly
Date:Jul 28, 2010
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