412 West 14th Street (Rick Kopstein)
Upscale retailers Lexus and M·A·C Cosmetics will be opening new locations along 14th Street.
Lexus, a division of Toyota, has a lease with Thor Equities, for 15,000 square feet at 412 W. 14th St. Several blocks east, M·A·C Cosmetics will open a new store at 853 Broadway at 14th Street.
The luxury automaker will occupy the ground level, second and third floors of 412 W. 14th St., near Ninth Avenue.
Raymond Sanseverino, a partner and chair of Loeb & Loeb’s real estate group, and associate Dana Rosenthal represented Toyota.
Thor was internally represented by general counsel Justin Xenitelis.
The asking rate for Lexus’ space was reportedly $4 million a year. Lexus will use the space to create a “new lifestyle concept store,” also known as INTERSECT by Lexus, according to its website. INTERSECT, “a unique crossroads of people, city and cars,” combines the product with fashion, design, art and music. The new space will include a café, garage and gallery spaces, multi-media presentations and events.
“Lexus is excited about creating a space that is far more than a car showroom,” David LaPierre, an executive vice president in CBR’s global retail services, said in a statement. CBRE handled the lease for Lexus. “When completed, their new location in the Meatpacking District will be a confluence of in-person social networking, art and design, which will fit in perfectly with one of New York’s most fashionable and creative neighborhoods.”
The first INTERSECT store opened in Tokyo nearly a year ago. The New York City location. is expected to open the second or third quarter of 2015. A third location is planned for Dubai.
Lexus, whose national corporate headquarters are in Torrance, Calif., first introduced the brand and “L” logo at the Los Angeles Auto Show in 1988.
Toyota, “the world’s top automaker and creator of the Prius,” manufactures Toyota, Lexus and Scion brands, according to its website. Over the past 50 years, it has built more than 25 million cars and trucks with 14 manufacturing plants, including 10 in the U.S.; and has 1,800 North American dealerships, including 1,500 in the U.S.
Thor Equities has an international retail, office, hotel, and residential portfolio valued at more than $5 billion and totaling more than 15 million square feet in urban real estate development, leasing and management, according to its website.
In addition to LaPierre, CBRE’s Stephen Sjurset, first vice president, retail brokerage service; Sean Moran, senior associate, retail services; and associate Cassie Durand acted on behalf of Lexus.
Meanwhile, M·A·C Cosmetics, whose trademark name is Make-Up Art Cosmetics, has leased space at 853 Broadway. The 21-story, 57,000-square-foot building is located at the southwest corner of 14th Street, on Union Square.
M·A·C, one of the leading brands for professional cosmetics, has a 15-year lease with The Feil Organization, and will occupy about 1,600 square feet on the ground floor with mezzanine space as well as 25 feet of street-level frontage along 14th Street. There is also potential expansion space on the third and fourth floors.
“In recent years, Union Square has become a new headquarters for style,” Brian Feil, vice president of leasing, said in a statement. “M·A·C Cosmetics is a perfect complement to that fashionable shopper.”
Feil was represented in-house by legal counsel Brian Palumbo and Michele Frankel.
Charles Daroff, a partner at Hurtuk & Daroff Co. in Cleveland, Ohio, represented M·A·C.
The asking rate for office space on higher floors at 853 Broadway is about $75 per square foot, and retail rates are negotiable, according to Feil’s website. Asking retail space in the area is more than $380 per square foot, according to CBRE’s first quarter report.
Plans for 853 Broadway include a “stunning new glass façade, extending four floors,” Feil said. The new feature will make it a “standout building” in Union Square. Façade renovations will be completed in July.
The area is growing as a retail district with pedestrian traffic reaching 350,000 people daily. Nordstrom Rack and luluemon athletica and Whole Foods Market are some of the other retailers in the area.
Originating in Toronto, Canada in 1984, M·A·C, a division of The Estée Lauder Companies Inc., carries makeup, skin care, beauty tools and has new collections lines with musical artist Lorde, and entertainers mother-daughter duo, Sharon and Kelly Osbourne.
Products are sold in more than 90 countries with about 10 M·A·C stores in New York City as well as in major department stores in the city. The new Union Square location is expected to open in the third quarter of 2014 in time for the holiday shopping season.
In the running for more than 60 years, The Feil Organization owns and operates a nationwide portfolio of over 26 million square feet of retail and commercial space, and over 5,000 residential rental units. Feil handles all operations such as management and leasing to architecture and development, according to its website.
In addition to Brian Feil, Rob Fisher, a director of leasing at the organization, is responsible for leasing at 853 Broadway. The property is managed by subsidiary Jeffrey Management.
Robert Cohen, RKF president based in Southern California, with a special concentration in urban markets in Los Angeles and New York, and Jackie Totolo, director, handled the lease for M·A·C Cosmetics.
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