FASHION ICON ALEXANDER WANG LEASES NEW CREATIVE OFFICE SPACE AND SHOWROOM AT THE SEAPORT

Rhea-AI Summary

The Howard Hughes Corporation announced that fashion designer Alexander Wang has signed a 15-year lease for approximately 46,000 square feet at the Fulton Market Building in NYC's Seaport. This move underscores the revitalization of Lower Manhattan, as Wang will occupy the top floor with a terrace overlooking the area. With this lease, Fulton Market Building is now 100% leased, and Seaport occupancy is at 68%. Construction starts this year, with a planned move-in date in 2023, reflecting growing demand for vibrant commercial spaces in dynamic communities.

Positive

• Alexander Wang signs a 15-year lease for 46,000 square feet, occupying the top floor of Fulton Market Building.
• Fulton Market Building reaches 100% occupancy; Seaport's overall occupancy is now 68%.
• Seaport area attracts notable brands like ESPN and Nike, enhancing its appeal and commercial viability.

Negative

• None.

NEW YORK, July 18, 2022 /PRNewswire/ -- The Howard Hughes Corporation^® announced today that iconic fashion designer Alexander Wang has selected the Seaport in New York City for its new global headquarters and showroom, signing a 15-year lease for approximately 46,000 square feet of creative office space at the Fulton Market Building in Lower Manhattan. The fashion company will take over the entire top floor, including a 5,000-square-foot patio of the historic building overlooking the Seaport's cobblestone streets and offering views of the Brooklyn Bridge and East River.

"We are excited to have Alexander Wang open his new office and showroom at the Seaport," said Saul Scherl, President of the New York Tri-State Region, The Howard Hughes Corporation. "In 2018, Alexander Wang presented a runway show at the Seaport that transformed the rooftop at Pier 17 into a panoramic stage of New York City. Today's announcement exemplifies the significant revitalization of the Seaport neighborhood that has helped transform Lower Manhattan into one of the city's most sought-after destinations."

Alexander Wang launched his eponymous label in 2005, quickly becoming one of the most influential designers in the fashion industry. Known for his elevated street style, Wang's aesthetic remains authentic across his various lines, and has inspired an entire generation to embrace his sportswear-inspired looks.

Alexander Wang joins the growing roster of notable brands which have made the Seaport their home, including ESPN, whose New York Seaport studios broadcast more than 200 hours of programming a week, and Nike, whose creative studio opened in 2019. The Seaport's urban walkability and connection to the area's independent retailers, restaurants, art galleries and entertainment venues—along with access to Lower Manhattan's waterfront and its one-of-a-kind views—have established the district as a highly sought-after location for businesses looking to be a part of the dynamic downtown neighborhood.

"Alexander Wang's selection of the Seaport for its new NYC office and showroom reflects the growing demand we are seeing nationwide for commercial space that is surrounded by strong experiential offerings and integrated into our country's most dynamic communities," said David R. O'Reilly, Chief Executive Officer of The Howard Hughes Corporation.

The lease brings the Fulton Market Building to 100% leased and the Seaport as a neighborhood to 68% leased, with a combination of flexible commercial space remaining, including 88,000 square feet of office space remaining at Pier 17.

Alexander Wang was represented in the transaction by Sean Black from BLACKre. The Howard Hughes Corporation was represented by Mary Ann Tighe, Gerry Miovski, Brett Shannon, Zac Price and Marsha Dudelzak from CBRE.

Construction will begin later this year, with an anticipated move-in date of 2023.

About The Seaport 
The Seaport is New York City's original maritime hub located along the East River in Lower Manhattan. Today, the historic neighborhood serves as a vibrant home to residents and a global destination for visiting travelers, offering more than 450,000 square feet of entertainment, community, dining, and cultural experiences, along with its iconic waterfront views of the Brooklyn Bridge and the city skyline. Home to independent retailers such as McNally Jackson Books, Manhattan's first iPic Theaters, and the historic South Street Seaport Museum, the Seaport—with support from founding partners Chase, Lincoln, Heineken, and Pepsi—celebrates its local cultural fabric and community connectivity through programming that includes Seaport Fit, Seaport Sounds, Seaport Cinema, as well as Seaport Kids and Seaport Arts.

The Seaport also features Pier 17, New York City's leading dining & entertainment destination, including The Rooftop at Pier 17^®, an award-winning outdoor performance venue, and the year-round rooftop restaurant The Greens offering panoramic views of the Lower Manhattan skyline. The ground floor of Pier 17 features restaurants from acclaimed chefs including Jean-Georges Vongerichten, David Chang, Helene Henderson, and Andrew Carmellini. Pier 17 is also home to ESPN's live broadcast studios and Nike's creative office space. Opening this summer is the reconstructed Tin Building as a 53,000-square-foot marketplace curated by Jean-Georges. Visit www.TheSeaport.nyc for the latest. 

About The Howard Hughes Corporation^® 
The Howard Hughes Corporation owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country's preeminent portfolio of master planned communities, as well as operating properties and development opportunities including: the Seaport in New York City; Downtown Columbia^®, Maryland; The Woodlands^®, The Woodlands Hills^®, and Bridgeland^® in the Greater Houston, Texas area; Summerlin^®, Las Vegas; Ward Village^® in Honolulu, Hawaiʻi; and Douglas Ranch in Phoenix. The Howard Hughes Corporation's portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC. For additional information, visit www.howardhughes.com.

Alexander Wang 
The Alexander Wang brand's sensibility is a reflection on contrasts, blending seamlessly between the refined and the imperfect. His collections have an un-precious outlook on fashion and always reflect a sense of ease. He is renowned for his irreverent approach and for perpetually evolving and re-contextualizing the urban uniform. Born and raised in San Francisco, California, Wang moved to New York City and launched his eponymous label in 2005. The brand currently owns and operates 13 stores in New York, London, and mainland China as well as alexanderwang.com, in addition to 26 partnered stores globally. The Alexander Wang collections are also available through luxury retailers worldwide. For more information, visit www.alexanderwang.com or follow us @alexanderwangny.

Safe Harbor Statement 
Statements made in this press release that are not historical facts, including statements accompanied by words such as "will," "believe," "expect," "enables," "realize," "plan," "intend," "assume," "transform" and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in The Howard Hughes Corporation's filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. The Howard Hughes Corporation cautions you not to place undue reliance on the forward-looking statements contained in this release. The Howard Hughes Corporation does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

Media Contacts:

Wagstaff Media & Marketing
Lindsay McCabe, 973-214-1873
Brand Communications
lindsay@wagstaffmktg.com

The Howard Hughes Corporation
Cristina Carlson, 646-822-6910 
Senior Vice President, Head of Corporate Communications 
cristina.carlson@howardhughes.com

For HHC Investor Relations
Eric Holcomb, 281-475-2144
Senior Vice President, Investor Relations
eric.holcomb@howardhughes.com

Carlos Olea, 281-475-2143
Chief Financial Officer
carlos.olea@howardhughes.com

 

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SOURCE The Howard Hughes Corporation

FAQ

What is the significance of Alexander Wang leasing space at the Seaport?

The lease highlights the ongoing revitalization of Lower Manhattan and reflects the demand for commercial space in high-experience areas.

How much space did Alexander Wang lease in NYC?

Alexander Wang signed a lease for approximately 46,000 square feet at the Fulton Market Building.

When is Alexander Wang expected to move into the new office?

Wang is expected to move into the new office in 2023 after construction begins later this year.

What impact does this lease have on the occupancy rates in the Seaport area?

The leasing of Fulton Market Building brings it to full occupancy, raising the Seaport area's occupancy to 68%.

Who represented Alexander Wang in the lease transaction?

Alexander Wang was represented by Sean Black from BLACKre.

What are the plans for the Fulton Market Building moving forward?

With the lease signed, the focus will be on the construction process and preparation for Wang's anticipated move.