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News release

NEW YORK

Legendary Apparel Company Tommy Hilfiger Signs 200,000-Square-Foot Headquarters Lease at RFR Realty’s 285 Madison Avenue

JLL Leads PVH Relocation of Tommy Hilfiger to Reimagined Office Tower


NEW YORK, February 7, 2017 — RFR Realty LLC today announced a new 200,000-square-foot office lease with PVH Corp. for its multinational luxury apparel business, Tommy Hilfiger, at 285 Madison Avenue, a newly repositioned,26-story, 510,000-square-foot office tower located on the northeast corner of Madison Avenue and 40th Street. Tommy Hilfiger, which designs and manufactures high-end apparel for men, women and children as well as a wide-range of licensed products such as footwear, accessories, fragrances and home furnishings, will occupy nine floors in the building. The fashion company is relocating its headquarters from the Starrett-Lehigh Building at 601 West 26th Street in West Chelsea, where it has resided since 2004.

"Tommy Hilfiger's choice to locate its North American headquarters at 285 Madison Avenue highlights the building's unique appeal following our successful efforts to modernize and transform it," said Aby Rosen, Co-Founder and Principal of RFR. "Attracting this international luxury lifestyle and apparel brand to a new home here underscores the property's appeal in terms of outstanding location and amenities. We're proud to see the market embrace our vision for sophisticated, modern office space within a historic structure."

"PVH was seeking an occupancy solution with prominent branding opportunities, shared amenities and building infrastructure that would enable the creation of a modern, collaborative workplace environment," said Matthew Astrachan with JLL. "We were able to work closely with RFR to relocate Tommy Hilfiger into terrific space that is much closer to PVH's corporate headquarters and PVH's offices for its Calvin Klein and Heritage Brands businesses. By making this move, PVH expects to reduce Tommy Hilfiger's occupancy costs and relocate into space that is much more efficient for both PVH and the Tommy Hilfiger business."

"JLL has done a tremendous job securing superb space for PVH's Tommy Hilfiger business, which will allow for the continued growth of Tommy Hilfiger and have the benefit of being closer to both PVH's corporate headquarters and the offices for its Calvin Klein and Heritage Brands businesses," said Michael Shaffer, PVH Corp. Executive Vice President and Chief Operating & Financial Officer.

Tommy Hilfiger joins prestigious global firms including a MetLife company, Brighthouse Financial, Bessemer Venture Partners, StriVectin Operating Company, General Electric Company and Misys International Banking Systems at 285 Madison Avenue. Through 2016, more than 350,000square feet of new office leases were signed at the premier tower.

Matthew Astrachan, Mitchell Konsker, Joseph Messina and Steven Bauer of JLL represented PVH Corp., the parent company of Tommy Hilfiger, in the new long-term lease. The landlord was represented by Alexander Chudnoff, Dan Turkewitz and Diana Biasotti, also of JLL, as well as RFR Senior Vice President and Director of Leasing AJ Camhi.

In addition, the retail lease-up of 285 Madison is now virtually complete, further complementing the building's transformation and providing accompanying amenities for tenants and the surrounding neighborhood. The Benjamin Group—the restaurant operator behind the Benjamin Steakhouse and Sea Fire Grill concepts—signed a 16-year lease for9,020 square feet for a Benjamin Steakhouse. Popular Community Bank, part of the international financial services group Banco Popular, signed a lease for the 3,553-square-foot corner space. Meanwhile, London-based coffee purveyor Taylor Street Baristas will occupy 1,040 square feet of space adjacent to the restaurant, as well as a portion of the mezzanine.

The building was acquired by RFR vacant in 2012 and has been transformed through a $65 million comprehensive gut renovation and design upgrade. This includes a landscaped roof terrace with lounge seating and an adjacent indoor multipurpose collaboration space with selected art. The building lobby also has a rotating contemporary art program, currently featuring works by Peter Dayton, Enoc Perez, and Mike Bidlo. Additional tenant amenities include a private lounge, event space, fitness center and a bike storage area.

About RFR

RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany. Founded by Aby Rosen and Michael Fuchs in the early 1990's, the firm has been an active force in the New York City and German real estate market for much of the past two decades. RFR's portfolio has grown to include more than 100 properties located in select domestic and international markets. While its property portfolio is anchored in the Manhattan and key German commercial markets, RFR also has significant commercial, residential, hotel, and retail holdings. RFR has a proven track record of adding significant value to the properties it acquires through property-level repositioning and strategic financial engineering. RFR has created an organization with deep experience in all phases of the property life cycle and is positioned to take advantage of market opportunities.

About PVH Corp.

With a history going back over 130 years, PVH Corp. has excelled at growing brands and businesses with rich American heritages, becoming one of the largest apparel companies in the world. We have over 30,000 associates operating in over 40 countries and over $8 billion in annual revenues. We own the iconic Calvin Klein, Tommy Hilfiger, Van Heusen, IZOD, ARROW, Speedo*, Warner's and Olga brands and market a variety of goods under these and other nationally and internationally known owned and licensed brands. *The Speedo brand is licensed for North America and the Caribbean in perpetuity from Speedo International, Ltd.

About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 70,000. On behalf of its clients, the company provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.