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Pearl seller expands on Fifth.

Mikimoto Co, Ltd., the creator of cultured pearl jewelry, has expanded its headquarters at Buchmann Tower located at 680 Fifth Ave., according to Daniel Horowitz, senior managing director in Studley's New York office.

Mikimoto signed a 14-year, 12,785 s/f direct lease for the entire sixth floor that will more than double the amount of space the firm has occupied in Buchmann Tower since it relocated its headquarters there in 2000.

"Mikimoto chose to expand its headquarters location to consolidate its operations staff, currently located at 424 Madison Ave., into its headquarters," said Horowitz, who has represented Mikimoto with its real estate transactions for the past four years. "The two offices under one roof will eliminate any redundancy and streamline the firm's business operations."

"In addition," Horowitz said, "this location enables Mikimoto to remain in close proximity to the firm's flagship Fifth Avenue retail store."

The new lease will commence simultaneously with the firm's original 11,000 s/f sublease, with it signed with The Gap four years ago.

"Though the office market is beginning to tighten in midtown, we were able to negotiate favorable rents to make this expansion financially sound for Mikimoto," Horowitz added.

Other successful retailers headquartered at the property include Cole Haan, Tiffany and The Gap.

David Berkey, executive vice president of CB Richard Ellis, represented the landlord in the transaction. Christine A. McGuinness, Esq., from Schiff Hardin LLP, was the tenant's counsel. Ian Silver, Esq., of Brown Raysman Millstein Felder & Steiner LLP, represented the landlord.
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Title Annotation:Retail
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 11, 2004
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