RXR Restructures Leases For Four Tenants at Starrett-Lehigh
RXR restructured leases for four tenants in a complicated series of maneuvers at its recently acquired Starrett-Lehigh building, GlobeSt.com reported.
The maneuvering was led by music management firm Harry Fox Agency, which terminated its 47,144-square-foot sublease from Tommy Hilfiger USA at Starrett-Lehigh and fled to 36,921 square feet at the Trump Building at 40 Wall Street. Harry Fox was represented by Studley.
Tommy Hilfiger, represented by Matthew Asrtachan of Jones Lang LaSalle, then relinquished Harry Fox Agency’s former space in a restructuring deal with RXR, that freed the landlord to lease it directly to advertising firm McGarryBowen. McGarryBowen was represented by David Hollander and Sacha Zarba of CBRE.
Finally, RXR took back 21,000 square feet that Lord & Taylor rented but subleased to Tommy Hilfiger, and leased it directly to Tommy Hilfiger, which now has a total of 350,000 square feet in the 2.2 million-square-foot building at 601 West 26th Street. Rob Silver of Newmark Knight Frank represented Lord & Taylor.
“We engineered the entire structure so that it could satisfy the needs not just for Harry Fox, but also for McGarryBowen who needed more space, for Tommy Hilfiger who needed more space, for Lord & Taylor who did not need their 21,000 square feet anymore and for the landlord to receive market rents,” said Greg Taubin, senior managing director at Studley.