Bulgari is now moving office from its corporate campus at 625 Madison Avenue to further down the street.
The Italian jeweler is taking over 23,000 square feet of space on the ninth floor of the Coates family's building at 555 Madison Avenue.
The Real Deal reported that Michael Goldman of Savills Studley is representing the 15-year deal for Bulgari, as reported by the New York Post, while Cushman & Wakefield's Robert Baraf, Mark Mandell and Ethan Silverstein are representing the landlord, the Coates family. The property has an asking rent of $67 per square foot.
Bulgari also signed the city's priciest retail lease in November at the Crown Building at 730 Fifth Avenue, with a lease agreement in excess of $5,000 per square foot.
The lease agreement to occupy the 23,167-square-foot space has been signed by Bulgari to relocate its offices to the Coates Building at 555 Madison Avenue, according to the Commercial Observer.
The top Italian jewelry designer will occupy the entire ninth floor of the building between East 56th and East 55th Streets for a lease of 15 years, according to a press release from Cushman & Wakefield.
Bulgari will move from just three blocks north at 625 Madison Avenue between East 58th and East 59th Streets. According to The New York Post, who first reported the news, the asking rent was only $67 per square foot.
"It's been exciting to see this first-class property steadily reach a point of critical mass in attracting top names in design and fashion," said C&W's Robert Baraf in a prepared statement. "The Coates family takes great pride in this building, and its tenants appreciate the family's commitment to quality and service."
As a new tenant of the 440,000-square-foot Coates Building, Bulgari will join clothing designer Fendi, fashion designer MaxMara, jeweler Kwiat Enterprises, and French perfumer MANE.
Bulgari has also signed a 15-year lease late last year on the ground floor of the Crown Building at 730 Fifth Avenue, as reported previously by the Commercial Observer.
