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A famous bridal wear designer has found a match for a new showroom in Midtown.
Vera Wang signed a 26,708-square-foot lease on the fifth floor and part of the seventh floor at Morgan Stanley Prime Property Fund’s 500 Park Avenue and will relocate from 15 East 26th Street, the New York Post first reported.
The length of the lease and the asking rent were not disclosed, but the average asking rent for Midtown was about $79 per square foot, according to a Colliers report on the second quarter of 2023.
“As a boutique, high-touch asset, 500 Park Avenue remains one of the Plaza District’s statement properties,” JLL (JLL)’s Cynthia Wasserberger, who represented the landlord alongside Frank Doyle and Michael Pallas, said in a statement. “Its elegant and modernist design appealed to the tenant, and the oversized windows hovering above Park Avenue allow for a light-filled working experience that complements the Vera Wang showroom design.”
Jeffrey Peck, Daniel Horowitz, Roi Shleifer and Christopher Foerch of Savills represented Vera Wang in the transaction. Savills declined to comment.
But Vera Wang wasn’t the only one to say “I do” to 500 Fifth. Triva Group, a furniture company based in Porto, Portugal, also signed a 4,614-square-foot lease on the ground floor of the building for interior designer Frato, a brand in its portfolio, to open its first store in the country in the fall.
“Taking advantage of a prime location … Frato has secured a well-positioned corner for their first U.S. showroom,” Peter Weisman of Sinvin Real Estate, who represented Frato, said in a statement. “That Frato is moving into an Art Deco building from the mid-century speaks to a modern sensibility, while holding onto historic roots. Frato’s clean, classic aesthetic incorporates contemporary styles with the highest craftsmanship.”
Gene Spiegelman of Ripco Real Estate represented the landlord with James Ariola and Michael Azarian of Cushman and Wakefield. Ripco and C&W did not immediately respond to requests for comment.
Constructed in 1960, the 11-story building at the corner of Park Avenue and East 59th Street was originally the Pepsi-Cola Building. Current tenants include SLR Capital Partners, The Georgetown Company and Friedland Properties.
Mark Hallum can be reached at mhallum@commercialobserver.com.
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