There’s an overlooked trend in the red-hot downtown office market — a migration to the FiDi/World Trade Center area of fashion firms.
Tenants in the fashion business grew from 0.9 percent of the area’s total inventory 10 years ago to nearly 3 percent, according to CBRE and the Downtown Alliance. Although they pose no threat to the dominance of financial, media and creative companies, the increase is nonetheless remarkable for a district that was once decidedly unfashionable.
Hugo Boss moved its North American HQ to 55 Water St. in 2014. Between 2018 and 2019, fashion- and beauty-related companies leased over 891,000 square feet in the area. Tenants included Nike and J. Crew.
Most recently, L Brands, the retailer behind Victoria’s Secret and Bath & Body Works, consolidated into 220,000 square feet at 55 Water St., moving from 1740 Broadway.
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