Cushman & Wakefield announced today that it represented Bottega Veneta, Inc., the luxury leather goods and apparel retailer, as well as the landlord in a transaction for the future Manhattan flagship store at 740 Madison Avenue. The transaction represents one of the largest transactions ever completed on Madison Avenue.
Bottega Veneta, owned by Kering, will occupy approximately 24,000 square feet on five floors that will be created out of the three existing townhouses known as 740 Madison Avenue and 23 & 25 East 64th Street. The total frontage on Madison Avenue will exceed 100 feet.
A Cushman & Wakefield team of Eric Le Goff, Jim Downey, and Sarah Mohr Fabian represented the retailer in the long-term transaction. John S. Gray and Frank Liantonio of Cushman & Wakefield, along with David Wildenstein on behalf of the family, represented the landlord, 740 Madison SPE LLC, a developer and owner.
“This transaction will reinforce the position of Madison Avenue as the preeminent address in the United States for luxury brands, said Mr. Le Goff, a Cushman & Wakefield Executive Director.”
“Rarely does an opportunity arise in this market to establish this type of iconic presence on Madison Avenue,” said Mr. Downey, a Cushman & Wakefield Executive Director.
The brand’s commitment attests to the enduring and ever-increasing allure of Madison Avenue as home to one of the world’s greatest concentrations of luxury brands. The evolution of the avenue from 57th Street to 72nd Street arguably places Madison Avenue on equal footing with Fifth Avenue in terms of retail prestige and profile.
The Cushman & Wakefield team of Le Goff, Downey, and Fabian, a C&W Director, have focused their practice on working with premium to luxury retail brands across North America and have been successful in distinguishing themselves primarily along the Madison Avenue corridor, where they have concluded transactions with high-end retailers, including Goyard, Emilio Pucci, Baccarat, Roland Mouret, NARS Cosmetics, Berluti, Bonpoint, Molton Brown and Georg Jensen.
The team’s unparalleled success on this assignment began in 2010 when ownership of the townhouses retained Mr. Gray and the team.
“Together, we implemented a leasing program that transformed the three buildings, comprised of retail and residential buildings, into one unified cohesive flagship location for an internationally recognized luxury retailer,” said Mr. Gray, a Cushman & Wakefield Executive Director.