Bulova Corporation, the famous watch and clock makers, have reportedly leased the entire 29th floor of the iconic Empire State Building, Empire State Realty Trust Inc. (ESRT) announced Wednesday.
Bulova will leave its current headquarters in Queens, a location it called home since 1954, to move to Manhattan and the greater New York metropolitan area. The watch-making company will be leasing 33,214 square feet of space for about $60-a-foot and have an agreement to occupy the space for 15 years.
Deborah van der Heyden and Paul Ferraro of JLL represented Bulova in the leasing deal while ESRT was represented by William Cohen, Jonathan Tootell and Shanae Ursini of Newmark Grubb Knight Frank along with Ryan Kass and Fred Posniak of ESRT.
"We are very pleased to welcome Bulova to the Empire State Building, and add another great, international brand to our roster of quality tenants. The Empire State Building is New York City's premier Urban Campus: a place for innovative tenants to collaborate in a unique environment that enhances productivity, and offers a full complement of amenities in a beautifully restored architectural masterpiece," Thomas P. Durels, Chief of Property Operations and Leasing for ESRT, said in a statement.
Though Bulova will be moving from its previous 90,000-square-feet headquarters at 1 Bulova Ave. in Queens, it will be using the space as a warehouse. According to the Commercial Observer, Corgan interior design and architecture will be designing the space at the Empire State Building for Bulova.
"Bulova has been a fixture in New York City since its establishment more than one hundred years ago, and when looking for the right space for our corporate headquarters, this monumental location was a clear choice," Gregory Thumm, president of Bulova Corporation, added in the statement.
"We look forward to residing in a building that shares Bulova's legacy of cutting edge design, technological innovation and strong affiliation with New York City."
Bulova was founded in 1875 by Joseph Bulova and it went to achieve immense fame after astronauts wore its watches to space. In fact, a Bulova timer was placed on the moon in America's maiden expedition. The company later manufactured limited edition "Astronaut" watches, the back cases of which were autographed by Buzz Aldrin!
Bulova now joins the prestigious tenant roster of the Empire state Building that include Bank of America, LinkedIn and Walgreen.
The Empire State Realty Trust (ESRT) debuted on the New York Stock Exchange, October 2, 2013, raising $929.5 million in its Initial Public Offering (IPO) pricing 71.5 million shares at $13 per unit.
Shares of ESRT closed down 0.90 percent at $16.51 in afterhours trade.
