The famous LVMH takes the top two floors of building in Flatiron. Click here to read the article on The Real Deal.
Louis Vuitton parent takes 26,000 sf at 130 Fifth: sourcesFebruary 11, 2014 05:28PM By Hiten Samtani
From left: A model showcasing a Louis Vuitton collection, 130 Fifth Avenue and Olnick’s Bruce SimonTime to pop the bubbly. LVMH Moët Hennessy, the French conglomerate behind haute brands such as vintner Moët & Chandon and fashion house Louis Vuitton, is taking new office digs at 130 Fifth Avenue in the Flatiron District, The Real Deal has learned.
LVMH will occupy about 26,600 square feet of space – the top two floors – of the 11-story, 145,000-square-foot Olnick Organization-owned building, located on the corner of 18th Street and Fifth Avenue. It will pay rents starting in the low-$60s per square foot over a ten-year period, according to data from CompStak.
Olnick was represented in-house by Seth Schochet and by Newmark Grubb Knight Frank’s Eric Cagner, David Falk and Kyle Ciminelli. LVMH was represented by their colleagues Stephen Gordon and Jon Zuckerman. None of the brokers could be reached for comment. But a source familiar with the deal said LVMH was not the tenant.
Multiple sources said that LVMH was indeed the tenant.
A Jones LangLaSalle team was previously marketing the space. A representative for Olnick declined to comment.
Cagner also represented residential brokerage Brown Harris Stevens in its 13,000-square-foot deal at the building last month, as The Real Deal reported.
LVMH enjoyed a strong fourth quarter in 2013, reaping the benefits of sales growth in the fashion and leather goods industries. The company’s headquarters remain at 19 East 57th Street. A spokesperson for the company couldn’t be reached by press time.