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L&L Holding Co. has landed a significant tenant at 390 Madison Ave., proving that upgraded Midtown Manhattan buildings can still compete with Hudson Yards at the top of the market.
Beauty conglomerate Shiseido Americas Corp. has signed a lease to move its U.S. headquarters to the renovated building from its current digs at 900 Third Ave. The subsidiary of Tokyo-based Shiseido Co. will occupy nearly 226K SF, spread across eight full floors.
Shiseido will take floors 15 through 22 of the 900K SF, 32-story building, joining law firm Hogan Lovells when it moves in by fall of 2018. Between the two companies, 390 Madison is nearly 50% leased, with asking rents ranging between $90 and $125/SF. A CBRE team led by Michael Geoghegan, Ralph Giordano and Lauren Crowley represented Shiseido on the lease, while L&L used its in-house leasing team.
L&L Holding Co. is approaching completion on its ambitious redesign after it was brought on as a partner by Clarion Partners, operating on behalf of the New York State Common Retirement Fund.
390 Madison's 32 stories include some double- and triple-height floors, one of which Shiseido will use as an amenity space. The transparent glass building will also include 13 outdoor terraces, an undisclosed number of which will be part of Shiseido's footprint.
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