Liquor leader leases 82,000 s/f at 250 Park
Pernod Ricard, the liquor giant, has signed a 82,300 s/f lease at 250 Park Avenue
In a deal negotiated by teams from Cassidy Turley and CBRE, the company that delivers an array of premium beverages that range from Jameson Irish Whiskey to Glenlivet Single Malt, Perrier Jouet Champagnes to Jacob’s Creek wines, will occupy the 16th, 17th, 18th floors and a portion of the 20th floor.
“We are delighted Pernod Ricard USA selected 250 Park Avenue for its New York City headquarters, especially in a market environment with considerable competing space and a relative lull in leasing velocity,” said David Hoffman executive managing director at Cassidy Turley who represented owner AEW Capital Management in the transaction.
The Cassidy team included Robert L. Billingsley, vice chairman and Wendy Miller, managing director, of Cassidy Turley. Pernod Ricard USA was represented by Snezana Anderson, Michael Geoghegan and Christopher Corrinet of CBRE.
According to Anderson, the French-based Pernod Ricard began looking at its New York space needs last summer.
In the past several years, its business has grown to include such brands as Absolut Vodka, Chivas Regal Scotch, Kahlua, and Brancott wines. Indeed, it is the former Absolut offices at 401 Park Avenue South that Pernod is vacating.
“They have grown so much so quickly,” said Anderson, a native Serbian who is fluent in French. “We began to look last July and quickly identified three main options, which were to expand in place; we looked at 685 Third Avenue, and 250 Park.”
She said it was the “economics of the deal in regards to the location” that tipped the scale towards the AEW Capital building.
The decision to sign the multi-year lease was “a unique combination of address, location, beautiful terraces and terrific views of both rivers, great ownership coupled with the economics of the deal,” added Anderson.
Roughly 150 employees will remain in Pernod’s Purchase office – where the company will continue its strong community involvement in Westchester County – with the remainder will join the Manhattan staff at 250 Park.
Paul Duffy, chairman and CEO, Pernod Ricard USA, said the move reflects the company’s growing presence and investment in the U.S. market.
“Our new office in New York City will reinforce Pernod Ricard USA’s status as a vibrant company made up of premium brands and premium people,” Duffy said.
“New York is known for the dynamism that drives our business – it’s home to cutting-edge bars and nightclubs where brands are built, the creative agencies we collaborate with and the diverse consumers we are trying to reach.”
The CBRE team, meanwhile, is looking to sublease Pernod’s vacant 40,000 s/f office space at 401 Park Avenue South, which is currently home to several creative-type entities, such as the New York School of Interior Design as well as software company, ViTEch.
The Pernod deal is the latest foreign assignment for Anderson who most recently brought the French government trade office ubifrance to a 13,500 s/f space at 1700 Broadway.
Gary Goodman, partner with SNR Denton and head of the firm’s New York Real Estate practice, and Keith Londo, senior managing associate with SNR Denton, provided legal counsel to Pernod Ricard on the deal.
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