Howard Hughes Lands Fashion Designer’s Global HQ

Fulton Market Building

Fashion designer Alexander Wang has signed a 15-year, 46,000-square-foot lease at the Fulton Market Building in Lower Manhattan. The company will relocate its headquarters from 386 Broadway in Soho to occupy the entire top floor of the historic Seaport building in 2023.

Sean Black from BLACKre assisted the tenant, while a CBRE team represented the landlord, The Howard Hughes Corp.

Located at 11 Fulton St. in Manhattan’s Financial District, Fulton Market Building is a 128,123-square-foot property that came online in 1983 and was renovated by HHC in 2015. The fashion company’s leased space, featuring 20-foot ceilings and a 5,000-square-foot patio, will be home to employee offices and a showroom.

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Alexander Wang’s lease brought the Fulton Market Building to full occupancy, while The Seaport became 68 percent leased. Other notable tenants in the neighborhood include iPic, ESPN and Nike’s creative studio.

The property is some 7 miles from downtown Manhattan across from South Street Seaport Museum and within walking distance of Pier 17, another HHC property. The location is also close to 250 Water St., where the developer plans to build a mixed-use tower featuring luxury apartments, office and commercial space.

CBRE’s Mary Ann Tighe, Gerry Miovski, Brett Shannon, Zac Price and Masha Dudelzak represented HHC.

Office leases across Manhattan

According to CommercialEdge data, Manhattan had a 13.9 percent vacancy rate as of June, 320 basis points higher year-over-year. Nevertheless, the borough has seen several important leases in the last six months. One standout deal closed in May, when financial services giant Macquarie Group leased 221,764 square feet across six floors at 660 Fifth Ave. for its new Americas regional headquarters.

In a more recent transaction, The Durst Organization landed a new tenant at One Five One, the 48-story office tower at 151 W. 42nd St. Chicago Trading Co. signed a 15-year lease for 68,339 square feet and will occupy the building’s 36th and 37th floors.