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Coach sells NY headquarters for 707m dollars

By Don-Alvin Adegeest

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Business

London - American accessories giant Coach has sold its New York Hudson Yards headquarters for the sum of 707 million dollars.

According to the Wall Street Journal, 10 Hudson Yards is owned by a limited partnership that includes Allianz, Related Cos., Oxford Properties Group Inc. and institutional investors advised by J.P. Morgan Asset Management, under a 10-year 1.2 billion dollar mortgage.

Coach was the first tenant to commit to the project in 2011, paying 530 million for its gargantuan 738,000 sq ft unit, not including 220 million dollars it invested to build out the space.

Coach would be the largest tenant in the building, bringing under one roof its Coach and Stuart Weitzman brands.

Best known for its handbags, Coach had said it intended to sell its roughly 43 percent stake and lease back the office space. On Monday, it said it had signed a 20-year lease but declined to comment further, saying additional information would be released Tuesday in a regulatory filing.

Image courtesy of www.coach.com

Coach