Luxury fashion house fills Sydney office
Brookfield Properties and the Investa Gateway Offices fund have filled Sydney’s 28 storey 388 George Street following four office lease deals.
In the biggest agreement, PVH Brands, formerly known as Phillips Van Heusen Corporation, behind brands including Calvin Klein, Kenneth Cole, Pierre Cardin and Tommy Hilfiger, has leased 5000 square metres for an initial seven years.
The mid-rise floors – eight to 11 – will become the company’s local headquarters.
The group will join fashion and fragrance group Puig, which has signed up for 650 sqm on the fifth floor.
With marques including Carolina Herrera, Byredo, Charlotte Tilbury and Comme des Garçons in its stable, it is locked in for 4.5 years.
Retail broker OMG (Openmarkets) and Go1, an online learning and education provider, will also call 388 George St home after respectively leasing 500 sqm for 4.5 years and 435 sqm for five years.
No vacancy
The landlords completed a $200m renovation of 388 George St, with c38,400 sqm, in late 2020 (story continues below).
Other tenants are Aware Super, Core Logic, Drake International, QBE Insurance and co-work outfits The Commons.
Luxury retailers include Bally – which occupies 406 sqm until 2028 – Cartier and restaurant Locali by Romeo’s.
Next year the Dave Pasternack’s Esca Group is planning Japanese eateries on the rooftop and a podium while premium watch retailer Swiss Concept is set to move in.
“The [office lease] deals struck reflect the ongoing ‘flight to quality’ trend in the market and are testimony to the ongoing demand for high quality, well-located space within the Sydney CBD,” Brookfield Properties president, Danny Poljak, said.
IGO investment manager, Clifford Leeson, added “the repositioning…has created a landmark sought after luxury and commercial precinct”.
That entity was formed in 2022 when Link Asset Management acquired a 49.9pc interest with Oxford Properties.
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