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Polo makes bigger play on Madison; With stock up, Ralph Lauren expands; French firm takes over Hilfiger space.(Real Estate)
Crain's New York Business, May, 2007
Polo ralph lauren corp. is expanding on Madison Avenue. The apparel firm has leased an additional 35,000 square feet, taking the entire 15th floor and part of the 12th floor at 625 Madison Ave., for a total of 349,700 square feet. The asking rent at the building, which is between East 58th and East 59th streets, is $75 a square foot.
Polo, the largest tenant, has leased its space through December 2019. The company's share price has risen in the past several weeks on news that it is shoring up its presence in Japan, its second-largest market after the United States. Last month, Polo announced that it would pay $370 million to buy all its Japanese licenses. It opened its flagship store in Tokyo in 2006. Several other retailers have offices at 625 Madison,...
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