Hines JV Signs Lease Expansion in Manhattan
Jewelry brand David Yurman has renewed and expanded its headquarters lease to 150,000 square feet at 200 Hudson St. in Manhattan. The landlord is Hudson Square Properties, a partnership between Trinity Church Wall Street, Norges Bank Investment Management and Hines. CBRE and Wiggin and Dana negotiated the deal on behalf of the tenant, while Newmark and Loeb & Loeb represented the owner.
David Yurman has been on the Tribeca building’s roster since 2002, when it leased 65,000 square feet across two and a half floors; the firm later expanded to 118,500 square feet, according to Commercial Observer. This new transaction marks a 25 percent footprint growth.
The jewelry brand’s headquarters include a separate entrance, with a dedicated lobby and elevators. Other tenants at the LEED Gold-certified property include Steelcase and French conglomerate Hamas Media.
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Completed in 1927 and renovated in 1982, the 380,971-square-foot building features floorplates ranging from 32,140 to 32,243 square feet and 13,000 square feet of retail. Rising 12 stories at 200 Hudson St. in Lower Manhattan, the property is within walking distance of numerous subway lines.
Loeb & Loeb Chair Nichole Cortese and Newmark Vice Chairman Peter Shimkin assisted Hudson Square Properties in the transaction. The tenant was represented by CBRE CEO Mary Ann Tighe and Vice Chairman Ken Meyerson, along with Senior Vice President Ariel Ball, Senior Financial Analyst Ali Gordon and First Vice President Alex Leopold, as well as Wiggin and Dana Partner Robyn Abbate.
Manhattan listing rates decrease
As of November, Manhattan maintained its position as the priciest market in the U.S. with listing rates clocking in at $71, down 5.3 percent year-over-year, according to a recent CommercialEdge report. Meanwhile, the vacancy rate reached 17.4 percent in the borough, marking a 2.5 percent increase over 12 months. However, the index remained below the national figure of 18.2 percent.
Manhattan’s largest office deal of last year was a law firm’s 765,000-square-foot lease at a 2 million-square-foot office building in Midtown. Paul, Weiss, Rifkind, Wharton & Garrison LLP will relocate its headquarters to 18 floors of the 50-story tower.
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