Relocation planned for Tiffany’s New York office
Tiffany & Co. has recently announced that its subsidiary company has agreed upon a lease of the International Toy Centre, at 200 Fifth Avenue (at 23rd street).
The company, who operate one of the most famous jewellery stores in the world, has decided to lease the new building in order to save money on the rental price of their existing property.
Currently, Tiffany’s headquarters’ is split between three different office locations in midtown Manhattan. As a result the move will allow the company to consolidate all staff into one space and at the same time cut back on rental costs.
Michael J. Kowalski, chief executive officer, said, “This is an excellent opportunity to lock in meaningful long-term savings in occupancy costs, and to gain efficiencies from housing everyone in one location.”
Although their current lease is not expired, the company intends to sublease until 2015 in order to recoup some of the costs that have been invested into their existing property. However due to the current economic climate this is not thought to be the full amount.
Nevertheless the savings that the move will create is thought to be approximately $125 million, over the term of their lease.
Mr Kowalski added, “We are also pleased that the renovated 200 Fifth Avenue building, which recently celebrated its centennial, is expected to be designated a “green” office building that is LEED-certified for its environmental and energy efficient features.”
The move is expected to begin in the spring of 2011.