Luxury fashion brand Hermès International is moving its US headquarters to a building on Manhattan’s Madison Avenue that’s being redeveloped.
The Paris-based designer is taking more than 71,000 square feet (6,600 square meters) of offices at 550 Madison Ave., landlord Olayan Group said in a statement Monday. The lease is for all the space on the tower’s 23rd through 25th floors.
The deal comes as companies increasingly opt for newer skyscrapers or redeveloped buildings. In November, the insurer Chubb signed on as an anchor tenant at 550 Madison, the former Sony Building. Citadel is exploring taking multiple floors at the property, Bloomberg reported earlier this month.
Olayan is gut-renovating the 800,000-square-foot tower and adding a garden, hospital-level filtration systems and a curated library.
By Natalie Wong
Madison Avenue used to be one of the most popular places to shop in the world. Now, after brands such as Calvin Klein and Proenza Schouler have exited, landlords are struggling to find tenants to replace them.