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Magazine > Industry News > News Content

Tiffany consolidating NYC offices to save costs

5/2/2010 3:50:14 PM

New York--Tiffany and Co. announced today that it is consolidating its New York headquarters into one office building located in Manhattan's Flatiron District in an effort to save rental costs and bring employees under one roof.

The company has signed a lease for office space at 200 Fifth Ave., at 23rd St., in a building formerly known as the International Toy Center, a short distance from the iconic Flatiron Building.

Currently, staff members at Tiffany's headquarters are located in three separate buildings in midtown Manhattan--near its flagship Fifth Avenue store. The move further downtown, slated for spring 2011, will enable Tiffany to consolidate all personnel in one location and save money, Tiffany said in a news release.

"This is an excellent opportunity to lock in meaningful long-term savings in occupancy costs and to gain efficiencies from housing everyone in one location," Tiffany Chairman Michael Kowalski said in the release. "We are also pleased that the renovated 200 Fifth Avenue building, which recently celebrated its centennial, is expected to be designated a 'green' office building that is LEED-certified for its environmental and energy-efficient features, consistent with Tiffany's corporate sustainability philosophy."

According to the release, Tiffany will sublease its existing properties until the end of its lease terms, which run through 2015, but expects to recover only a portion of its rent obligations due to current market conditions.

For the lease obligations, the company anticipates recording expenses of about $30 million for the fiscal year ending Jan. 31, 2012. Additionally, Tiffany will incur expenses of about $20 million in the fiscal year ending Jan. 31, 2011, and $5 million in the fiscal year ended Jan. 31, 2012, associated with the acceleration of depreciation of property and equipment and incremental rents during the transition period.

After the relocation, the company estimates a future benefit of about $125 million over the lease term, which expires in 2026, the release states. The estimated savings are based on current rental costs and assumptions made regarding future potential rental increases at the existing locations.

Commercial real estate services firm Studley represented Tiffany on the transaction.

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