Jim Beam Owner Moving Headquarters To Manhattan
For the second time over the past week, a massive office lease was inked in Midtown South, following the worst leasing year Manhattan has seen yet this century.
Beam Suntory, a global liquor company that owns brands like Jim Beam and Maker's Mark, signed a 15-year, 100K SF lease on the 12th floor of SL Green’s 11 Madison Ave. along the east side of Madison Square Park.
Asking rent was $90 per SF and the space will serve as the company’s global headquarters, which will move from Chicago.
“As one of the world’s greatest global cities, New York provides a stimulating setting to accelerate our premiumization strategy and growth ambitions,” Beam Suntory President and CEO Albert Baladi said in a statement. “We see excellent opportunities to immerse our company and global brand building efforts more deeply in New York’s vibrant restaurant, bar and consumer environment, what we call the Gemba.”
Beam Suntory’s New York location is currently at 600 Third Ave. and it will move into the new location in 2022.
The company will keep the office space it uses for its current headquarters, 110K SF at 222 West Merchandise Mart Plaza in Chicago, but 100 employees at the Midwest location will relocate to New York, the Chicago Sun-Times reported.
This is the largest nonrenewal lease that SL Green has signed since the coronavirus pandemic took hold, SL Green Executive Vice President and Director of Leasing and Real Property Steven Durels told Bisnow.
It is the second new lease inked near Madison Square Park recently: Meal delivery service company Freshly signed a lease for a 92K SF headquarters at 63 Madison Ave. last week.
“Midtown South was one of the most popular submarkets in the country prior to the pandemic, I don’t think the attributes of that market have changed,” Durels said. “The things that made it popular before COVID are going to make it remain popular.”