Japanese cosmetics giant Shiseido Co. plans to move its U.S. headquarters to 390 Madison Ave., a midtown Manhattan office tower that has been renovated down to its steel frame.
Shiseido Americas Corp. is taking about 225,800 square feet (21,000 square meters) in the tower at the southwest corner of Madison and East 47th Street. The beauty-products company agreed to pay about $100 (about ¥11,300) per square foot under its 15-year lease, according to a person with knowledge of the deal, who asked not to be named because the terms are private.
The 900,000-square-foot building, originally built in the 1950s, is undergoing a renovation to make it one of the more modern towers in Midtown's aging stock of offices. L&L Holding Co., the real estate firm overseeing the development, demolished part of the building to make the structure airier, with more open floors and larger windows, and shifted part of the base to elevate it to 32 stories from 24. Shiseido is the second tenant to take space at the reconfigured property, following the law firm Hogan Lovells. The renovation will be completed next year.