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Ralph Lauren Inks Lease Expansion at LIC’s The Factory
Newmark secured a 54,602-square-foot lease expansion on behalf of a joint venture between Atlas Capital Group , Partners Group, acting on behalf of its clients, and Invesco Real Estate for Ralph Lauren to occupy the partial eighth floor of The Factory in Long Island City. Executive vice chairman Brian Waterman, vice chairman Howard Kesseler, senior managing director Jordan Gosin and associate director Alex Rosenblum represented ownership.
Ralph Lauren originally signed on at The Factory in 2016 and uses its space as a photo studio. The lease expansion brings the 1,000,000-square-foot asset to 94% leased. The remaining inventory at The Factory comprises prebuilt spaces and the 42,000-square-foot penthouse.
“This transaction represents the continued strength of The Factory, and more specifically, the desire for best-in-class tenants like Ralph Lauren to choose quality, well-amenitized work environments,” said Waterman. “We are proud that this latest expansion has helped the building achieve over 90% leased.”
- ◦Lease
