Revlon wants to exit Union Square leases in bankruptcy

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200 Park Avenue South

Cosmetics conglomerate Revlon is working to terminate its office and retail leases at 200 Park Ave. South in a bid to save millions following his bankruptcy filing in June.

The company is leasing nearly 46,000 square feet in the ABS Partners-owned building for its Elizabeth Arden-branded spa and offices, according to Crain’s New York Business.

Revlon representatives told a judge the company did not need the space – the spa is permanently closed and is being marketed as available – and that the exit would save the company some $17 million. dollars. He also argued that he could pay less for comparable alternatives.

The cosmetics brand inherited leases at 200 Park Ave. South when it acquired Elizabeth Arden, which it bought in 2016 for $870 million. The lease for the spa, which occupies 10K SF, expires next year. The office space spans 36K SF on floors six and seven, with a lease that runs through 2027, per Crain’s.

The company’s headquarters are at Brookfield-owned One New York Plaza in the Financial District, where it has more than 100,000 square feet. However, he did not indicate that he wanted to break this lease. When it filed for Chapter 11 protection last month, the company said it was unable to meet about a third of customer product requests due to supply chain issues.

The company had dodged bankruptcy in 2020 by convincing enough bondholders to extend its debt, by the Guardian. But at the time of the filing last month, he was $3.3 billion in debt. He received $375 million to restructure deals.

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