NEW YORK—Coty Inc., a global beauty products company, has expanded its office space at the Empire State Building by 120,000 sq. ft., bringing the company’s total space to approximately 320,000 sq. ft. spanning six full floors.
Richard Bernstein, vice chairman, and Ralph Giordano, managing director, both of Cassidy Turley, represented Coty in the lease negotiations. William Cohen, executive vice president and principal, and Ryan Kass, senior managing director, of Newmark Knight Frank represented the landlord.
W&H Properties, owner of the Empire State Building, recently invested more than $550M in upgrades to the historic building, including an energy efficiency retrofitting program, which led to an Energy Star rating of 90 and contributed to the facility’s LEED-EB Gold certification rating. Infrastructure upgrades and public areas were also added.
“As part of our half-billion-dollar upgrading program and focus on creating sustainable, energy efficient, productive and healthful work environments, we’ve consolidated multi-tenanted floors into large, efficient full floors for select, credit-worthy firms,” says Anthony Malkin, president of Malkin Holdings LLC, which supervises the building. “The numbers are striking: We went from 193 suites on floors three through 19, some dating back to the 1930s, to just three tenants.”
Founded in Paris in 1904, Coty Inc. produces annual net sales of $4.5B with brands delivered to 135 worldwide markets.