OSP Group, a growing online retailer for plus-size apparel, is accompanying several other fashion retailers in its migration from Midtown Manhattan to downtown, according to The Wall Street Journal.
The retailer signed a 15-year lease to move its headquarters to the 2.5 million-square-foot tower, One New York Plaza, which rests at the tip of lower Manhattan and is owned by Brookfield Office Properties, Inc. The company is consolidating its offices from two Midtown buildings into 156,000 square feet at the new center. It is currently occupying 150,000 square feet at 462 and 463 Seventh Ave.
OSP Group is expanding its space slightly, which The WSJ explains as a good sign for the city’s commercial real estate industry. While there has been a decreased vacancy rate, businesses through the nation are employing space at a slower rate than after previous recessions, they further reported.
For creating 150 new jobs, the company is set to receive a $1.8 million grant from the Empire State Development and New York City Economic Development Corp. OSP will invest $20 million to merge the two offices.
Kenneth Adams, chief executive of Empire State Development, told WSJ, “We are working hard to ensure that New York State remains the most competitive option for companies to locate their businesses.”
Stephanie Sobel, president of OSP Group, added, “We’ve always wanted to be where fashion is. We realized this is where fashion is headed.”
OSP Group was represented in the lease by Brian Goldman and Eric Cagner of Newmark Grubb Knight Frank. The WSJ reported that Unispace designed the company’s new interiors, which will contain a digital photo studio. OSP Group’s brands include Woman Within, Roaman’s and Jessica London, with offices in Indianapolis and El Paso, Texas.
Companies that have also migrated to the south of the island include Revlon Inc., Condé Nast and Brooks Brothers.