One New York Plaza (NYLJ/Rick Kopstein)
Relocating downtown, Revlon Inc. will be moving its corporate offices to One New York Plaza, at Water and Whitehall streets, from 237 Park Ave., between 45th and 46th streets. Revlon’s 10-year lease on Park Avenue is set to expire this fall.
The international cosmetics leader has signed a 15-year lease with Brookfield Office Properties for 91,194 square feet on the 49th and 50th floors, the top floors. The space was once occupied by Goldman Sachs.
One New York Plaza, which is also home to Fried, Frank, Harris, Shriver & Jacobson, has a two-level landscaped plaza with 2.6 million square feet of flexible office space, according to Brookfield’s website.
Jacob Bart, a partner at Stroock & Stroock & Lavan, and associate Kenneth Theil represented Revlon.
Russ Rabinovich, of counsel at Haynes and Boone, represented the owner along with Brookfield’s in-house counsel Carol Meyer, vice president and regional counsel.
Revlon declined to comment on the relocation and the potential economic benefit of leasing in lower Manhattan.
The New York Post reported the asking rate at One New York Plaza in the $50s per square foot. Rates in the Grand Central district reach the high $60s, according to Studley’s March report.
Founded in 1932, Revlon was started by brothers Charles and Joseph Revson and chemist Charles Lachman, who contributed the “L” in Revlon, to develop nail enamel. After creating a manicure line in 1940, Revlon began to produce lipstick. Revlon’s website details a line of products that includes an array of makeup, hair care, fragrances and beauty tools.
Brookfield, one of the largest public commercial real estate companies, has a portfolio of over 114 properties, totaling more than 85 million square feet in New York, Washington, D.C., Houston, Los Angeles and in Canada and Australia.
Cushman & Wakefield’s Joshua Kuriloff, executive vice president, and Jodi Roberts, executive director, assisted Revlon on the lease.
Brookfield’s lease was handled in-house by Duncan McCuaig, vice president, and Jerry Larkin, senior vice president. In addition, CBRE’s Adam Foster, senior vice president, brokerage services; Kenneth Rapp, vice president, brokerage; and Peter Turchin, executive vice president, the agency group, assisted Brookfield.
Building on its niche market, Sherwood Equities Inc. has signed two new five-year leases with tech companies Travel Tripper and Virtusa Corporation at 370 Lexington Ave., a 26-story, more than 300,000-square-foot tower at 41st Street.
Over the past two years, Sherwood has signed leases with about 15 technology-focused entities and sees itself as an alternative to the Midtown South tech corridor.
“Old and new tech companies are discovering that 370 Lexington is an ideal fit for them, with build-outs that offer the look and feel of loft space, but at a discount to Midtown South rents,” Jill Burrowes, a Sherwood agent, said in a statement.
Travel Tripper was represented in-house by Richard Diegnan, general counsel and CFO.
Marshall Cohen, a founding partner of Cohen & Perfetto, represented Virtusa.
Ferdinand Gallo III, a partner at Bingham McCutchen, represented Sherwood on both leases.
Travel Tripper, a web tech company, moved its offices the first of the month from 333 Park Ave. South.
“The [new] space was precisely what we needed for the expansion,” said office manager Justeen Nason.
The company has taken 2,800 square-feet on the 16th floor of the Lexington Avenue tower, doubling its existing space.
The asking range at 370 Lexington begins in the high $40s to low $50s per square foot. In 2009, Sherwood reportedly completed a $24 million capital improvement project that included new HVAC and sprinkler systems, and an upgraded lobby.
Travel Tripper is a full-solution central reservation system providing hoteliers with booking engines and call center services. It began in 2005 and has grown to a staff of 17.
“Our growth was due to an increase in clients and services” such as global distribution systems, channel manager and the launch of Reztrip 3.0 booking engine, said Nason.
Meanwhile, Virtusa Corp. has leased 3,500 square feet, also on the 16th floor, at 370 Lexington and expects to move from 230 Park Ave. by the end of April. The global IT provider also has an office at 14 Wall St., with its corporate headquarters in Westborough, Mass.
Since tech companies rely on electrical and technical capacities, 370 Lexington provides “several carrier connections” for tenants, using copper, fiber and fixed wireless, including Time Warner Cable, Cogent fiber and Broadview fiber. Verizon Fios has been installed and will be available to tenants by the end of April, according to Sherwood.
Founded in 1996, Virtusa provides IT consulting services, technology and outsourcing services throughout the United States, Europe and Asia. In addition to New York City, Virtusa has offices in Windsor, Conn., Troy, N.Y., London, The Netherlands, Germany, Singapore, Hungary and Austria with advanced technology centers in India, Sri Lanka, Malaysia, Philippines, Switzerland and Sweden.
Some of the other tech tenants and media-related companies at 370 Lexington include Rivermine Software, Teradata, Smart Data Consulting, Tylie East Office and Yardi Systems Inc.
“Our objective has been to make 370 Lexington a prime address for smaller space users, an underserved niche in the city,” Adam Weissleder, a Sherwood agent, said in a statement.
Established in 1952, Sherwood is a privately held real estate investment and development company and has an existing portfolio in excess of $2.5 billion. The company owns/manages prime New York City properties, including 1 and 2 Times Square, 1600 Broadway and is one of the major developers in the Hudson Yards area.
Burrowes and Weissleder handled both leases for Sherwood.
TRANWESTERN’s Robert Montaquiza, director, and Lindsay Ornstein, principal, tenant advisory services, handled the lease for Virtusa.
Marc Ellman, president of Ellman Realty Advisors, acted on behalf of Travel Tripper.
@|To report a real estate transaction, contact email@example.com.