Aug
03
Coach Monetizes Space at 10 Hudson Yards
ByAllianz Real Estate stepped in in a mutually beneficial deal in the 52-story office tower.
10 Hudson Yards
New York—Coach Inc., the first company to buy space in 10 Hudson Yards three years ago, has sold its stake in the new skyscraper in a sale-leaseback that was part of a larger deal that saw Allianz take a 44 percent interest in the building and the investor group refinance with a $1.2 billion mortgage.
The luxury retailer said it received approximately $707 million for the stake that it paid $530 million for in 2013. Coach is now leasing its headquarters space, about 700,000 square feet, for 20 years. The company, which began moving its 7,000 employeesinto the 52-story building in May, is the largest tenant in the 1.8 million-square-foot office tower constructed by Related Cos. and Oxford Properties Group…
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