The Estée Lauder Companies has signed a renewal for the office space it leases at the General Motors Building in New York, according to a report published by The Real Deal.
The US prestige cosmetics giant’s current tenancy covers a 300,000 sq ft area and runs until 2020 but the new deal covers just 220,000 sq ft with an option to expand.
Landlord Boston Properties told The Real Deal that the Estée Lauder had considered a move, but ultimately decided to remain, albeit in a smaller space. Industry experts were expecting Lauder to consolidate the space it rents in the GM Building and the 150,000 sq ft it occupies in the East 59th Street Building in one new location – the lease on the latter runs until 2018.
The Real Deal reports that Lauder declined to comment on the deal’s specific terms, but did reveal that the rent under the new contract was higher than before.