Sale of Beauty Company to Major Retailer
The firm advised a luxury beauty product and spa services retailer in its acquisition by a major department store. The department store has reported that the $210 million acquisition will enable it to expand its selection of beauty products while increasing its nationwide presence. Under the agreement, the firm’s client, which currently operates over 60 specialty stores across the country as well as online, will continue to operate its stand-alone specialty business under its current brand. Leveraging the major retailer’s technology, supply chain, and operations resources, the luxury beauty brand will be allowed to increase and strengthen its nationwide presence. A press release on the transaction is available here, and press on the transaction is available here.
150 East 42nd Street Lease
Patterson Belknap represented a leading New York City health care provider in a variety of office and facility leasing projects in 2014 and 2015. At 150 East 42nd Street, New York, NY, Patterson Belknap attorneys assisted the health system in creating a long-term leasehold condominium of 450,000 square feet of office space at the former Mobil Building. The health care provider, which will occupy the second through fifth floors as well as the ninth and tenth floors, took the lease as a critical first step in its strategy to consolidate corporate office space following a recent merger. This deal was nominated for the Real Estate Board of New York’s 2014 Sales Brokers Most Ingenious Deal of the Year award.
501 Madison Redevelopment
501 Madison Avenue, a historically underperforming Midtown Manhattan asset saddled with a below market ground lease, was comprehensively redeveloped, establishing an improved rental structure and rebranding the retail space to cater to Madison Avenue’s luxury retail corridor. As part of the redevelopment team, Patterson Belknap attorneys helped obtain financing for the redevelopment costs and create a legal structure for the operation of the building by tenants-in-common. Firm attorneys have closed a financing on the property for an additional $10 million. This deal was nominated for the Real Estate Board of New York’s 2014 Sales Brokers Most Ingenious Deal of the Year award.