Swiss watchmaker F.P. Journe has signed a 10-year lease for an 800 s/f space at 721 Madison Ave., between East 63rd and 64th Sts. (the former Graff store), where it plans to one of open its first New York stores and U.S. flagship. Surrounded by some of the most esteemed brand names, this high profile space features high ceilings and is located in a prewar building, according to the retailer's real estate broker Diane Mandel, a managing director at The Lansco Corp., which is a member of the X Team Retail Services Network.
"One year ago, vacancies on Madison Ave. were few and far between, and factors such as sky rocketing rents and high competition for the small number of spaces available on the market kept many retailers on the sidelines," said Mandel. "F.P. Journe timed the market perfectly. The exclusivity and high-quality design of their watches has kept the retailer recession-resistant and has given them the edge in securing this prominent location to grow their U.S. presence," Mandel said, adding that she was delighted to represent such a prestigious brand.
F.P. Journe founder, owner and CEO, François-Paul Journe, has an over 30-year history in the watch industry and is considered one of the best watchmakers alive, as illustrated by his numerous awards for innovation and design. Inspired by 18th Century inventors and the reliable chronometers crafted by master watchmakers of that time, Journe himself designs each intricate timepiece. As a result, F.P. Journe chronometers are lauded for their simple, companionable aesthetics and spectacular mechanics, with the most complicated model, the Sonnerie Souveraine, requiring a two-year wait. F.P. Journe will finally bring the prestige of Haute Horlogerie to New York for the greatest pleasure of collectors and aficionados. F.P. Journe currently has boutiques in Boca Raton, Tokyo, Hong Kong, Paris and Geneva and will be opening in Beijing in Fall 2009.
"We always had New York planned in our development. We consider New York as one of the very few 'centers of the world' and Madison Avenue is its quintessence in terms of a true luxury retail avenue," said Pierre Halimi Lacharlotte, the partner for F.P. Journe's New York store. "When we were offered the Graff store location, it became a priority for us."
The landlord in this transaction is The Winter Organization, represented in-house by James Winter and Robert Fink.
The Lansco Corporation, founded in 1965, is a New York-based full service real estate firm providing strategic advisory, sales and leasing services to the commercial office and retail marketplace. The firm represents national and international tenants, as well as major developers and landlords. Through partnerships with CORFAC International, X Team Retail Services Network and DTZ, Lansco is active throughout the United States and in over 80 international markets worldwide. Over its rich history, The Lansco Corporation has become a trusted partner and expert advisor to its local, national, and international clients Tags: