Tourneau, the world's largest retailer of luxury watches, is expanding and relocating its Manhattan corporate headquarters.
The retailer, which began selling timepieces in 1900 and deals with more than 100 brands, including Rolex, Patek Philippe, Cartier, Omega, Breitling and Tag Heuer, has signed a long-term lease at 663 Fifth Ave.
The company will take about 16,000 square feet on the entire seventh floor as of Dec. 1.
Tourneau has been based at 3 E. 54th St. for the past 16 years, but its lease has expired. Its new headquarters will be close to its store at 12 E. 57th St. and around the corner from its store at 510 Madison Ave.
Jeffrey I. Peck , senior managing director at Studley , along with Daniel O. Horowitz , an executive vice president at the firm, and Brad Wolk , a senior managing director, arranged the deal.
Barry Zeller, executive vice president of Cushman & Wakefield, represented the landlord, Sator Realty.Mr. Peck said the space was previously occupied by a hedge fund. "They had recently designed the space to their specifications and it fit Tourneau quite perfectly," he said. "This space was not yet listed on the market but I know Barry and he asked me if I had a tenant, and Tourneau fit."
Mr. Peck wouldn't disclose asking rents for the building, which is also occupied by Salvatore Ferragamo and Elizabeth Arden, but said the rent is about 30% below the average rates for the area because the space was already built out and was not on the market.
"The existing design was well fitted to our needs, and we didn't have to change anything," said Adam Sek, Tourneau executive vice president and chief operating officer. "This new office is by far better than our old one, and it helps to attract talent."
Mr. Sek said Tourneau has three stores in Manhattan and plans to add another two in the next three to four years. Tourneau Moves in Time To Acquire New Space
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