Space 34,755 sq ft
Type Luxury Retail
Location 1 Rockefeller Plaza
We joined forces with Patek Philippe, a renowned luxury watch brand as they were expanding their footprint in New York and were outgrowing their current space. With two and a half years left on their lease, they needed to negotiate out of their current lease and secure larger accommodations in line with both the specific technical needs of the firm and a brand identity that is synonymous with excellence.
Patek’s challenge was to create a state of the art repair facility complete with a customized air purification system while at the same time upgrading and modernizing their office facility in a quality building worthy of being the corporate face of the brand — all without paying top dollar for a repair facility or having to put their headquarters in a building that made sense for one use, but not the other. Also, they needed to negotiate out of their current rental obligation.
After considering multiple locations and options, including bifurcating the operation with the repair facility in one building and the office in a different building, we identified space at 45 Rockefeller Plaza. This space was the needle in the haystack in that half of the space looks out on the skating rink in Rock Center and St. Patrick’s Cathedral (clearly front of house), while the other half looks onto a much less valuable side-street.
In working closely with the team at Rock Center, Patek’s architects and engineers, we were able to achieve an installation specific to Patek Philippe’s vision and requirements. This included getting approval from both the building and Landmarks to install a stand-alone (separate from the building’s system) HVAC and air purification system that rendered the watch servicing area to be at least ninety percent dust free. It also involved having the floors reinforced to increase the floor load capacity so Patek could house 4 large (and heavy) safes.
With respect to the “front of house” portion of their space, few can argue the grandeur of looking out at the skating rink from a beautifully designed new floor at 630 Fifth Avenue. Until literally the day the deal was signed, we were negotiating for everything Patek needed including a last minute extra bathroom in the common corridor. In the end, we were able to negotiate aggressive and favorable terms that released Patek from their current rental obligation, we achieved above-market concessions on the new deal including free rent and a TI package well beyond anyone’s initial expectations.
Given all the details of this transaction, it took over a year to complete, but in the end, Patek Philippe had that needle in the haystack, with a servicing area reminiscent of a James Bond laboratory and a front of house presentation in line with their esteemed brand identity.