Gucci extends Trump Tower lease

While most brands and companies would like to create the distance between Earth and Pluto in regards to their relationships with former president Donald Trump, Gucci has actually opted to renew its lease at Manhattan’s landmark Trump Tower. The Kering-owned brand has cut a deal to extend its lease beyond the original 2026 date. The news was reported by The New York Times.

Gucci was offered a rent reduction if it agreed to stay on as a tenant in the building. The brand has the distinction of being Trump Tower’s largest commercial tenant.

For 14 years, Gucci has leased 48,667 feet of space at the bottom of Trump Tower. It’s choosing to stick with Trump Tower at a time when other retail locations in the area are jumping ship from the neighborhood. Tiffany, which has been located at 6 East 57th Street since 2018 while their flagship has been under renovation, will not be renewing its least next year.

With Gucci sticking around, that leaves Trump Tower with one guaranteed desirable tenant. The luxury brand has been one of the crown jewels of Kering’s portfolio ever since creative director Alessandro Michele took over the design helm in 2015.

photo: courtesy of Gucci