INTERNATIONAL LUXURY HOSPITALITY ORGANIZATION CHECKS INTO NEW "ONE OF A KIND" HEADQUARTERS SPACE
New York, NY (January 9, 2012)
The Leading Hotels of the World, Ltd., the largest luxury hospitality organization on the globe with more than 430 “All Kinds of One-of-a-Kind” member properties in over 80 countries, has signed a 42,842-square-foot, long-term lease at 485 Lexington Avenue for its new corporate headquarters, international commercial real estate services firm Studley announced today.
The Leading Hotels of the World, which counts such famed properties as New York City’s The Pierre, Miami’s The Setai and Las Vegas’ Bellagio Towers among its members, will be relocating to a portion of the fourth floor of 485 Lexington Avenue from 99 Park Avenue, where it currently leases approximately 40,000 square feet. Occupancy is expected in mid-2012.
Although the offices are roughly the same size, The Leading Hotels of the World will be able to accommodate a 15 percent expansion of its workforce at 485 Lexington Avenue, thanks to a complete reconfiguration of the company’s layout. Studley devised the new plan in conjunction with The Leading Hotels of the World’s architect. Studley is also managing the build-out of the space.
“Our client is adopting an open floorplan design with a creative variation on bench seating, glass partitions and fewer offices – a strategy that not only fosters communication and productivity, but also allows the client to expand its staff without leasing significantly more space," said Studley Executive Managing Director Daniel Horowitz, who negotiated the lease on behalf of The Leading Hotels of the World with Senior Managing Director Jeffrey Peck. “By abandoning the traditional office layout, our client was able to avoid the expensive, 10,000-square-foot expansion it would have otherwise required.”
Added Mr. Peck: “With this transaction, Studley has shown that the open floorplan model that has become so popular amongst media and technology companies can be advantageous to more traditional tenants as well.”
Theodore Teng, President and CEO of The Leading Hotels of the World, said: “As a company that prides itself on offering the very best quality hospitality services to our clients, we see our own office space as an extension of The Leading Hotels of the World’s “All Kinds of One-of-a-Kind” brand. We are thrilled to have the chance to build a new workplace culture in a more modern, collaborative space.”
Also known as Grand Central Square, 485 Lexington Avenue is a 32-story Class A office building originally constructed in 1956 with a glass and steel facade. Located in the heart of Midtown Manhattan, steps from Grand Central Terminal, the building recently underwent a major capital improvement program, which won the 2008 BOMA Award for Renovated Building of the Year.
David Kaufman and David Amsterdam worked on the transaction in-house on behalf of SL Green Realty Corp.
About The Leading Hotels of the World, Ltd.
The Leading Hotels of the World, Ltd. is the largest luxury hospitality organization in the world, representing over 430 of the finest hotels, resorts and spas in over 80 countries. Its mission is to curate and champion an exclusive collection of independent properties, including grand palaces and intimate city hideaways, luxury tent enclaves and expansive self-contained resorts. Established in 1928 by several influential and forward-thinking European hoteliers, it started with 38 initial members. Its loyal customers demand levels of quality they have come to expect of the brand, while seeking authentic and enriching travel experiences. Leading Hotel members are utterly unique and boldly independent. To be considered for inclusion, a hotel must adhere to strict quality standards and master the art of extraordinary hospitality. For reservations, visit www.LHW.com. In the USA & Canada please call 1-800-223-6800 or contact a travel professional.
Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley, a partnership with Paris-based AOS, Studley provides strategic real estate solutions to top-tier corporations, not-for-profit organizations and law firms. Information about Studley is available at www.studley.com.