Polo Ralph Lauren, the luxury goods brand that, like so many other up-market firms, has seen its stock battered by the economic headwinds, is digging in at the trophy 650 Madison Avenue, between 59th and 60th streets.
In the biggest leasing deal of the young year, Polo has restructured and renewed for 15 years its 200,000 square feet, sources have confirmed, at the 600,000-square-foot building exquisitely located in the middle of the Plaza District, just one block away from Central Park.
Last we heard, Polo was the largest office tenant in the 27-story emerald tower, which Hiro North American Properties last year sold to Ashkenazy Acquisition Corp. and the Carlyle Group for $680 million. Polo also has a huge block of space nearby at SL Green’s 625 Madison Avenue.
Studley chairman and CEO Mitchell Steir and executive vice president David Goldstein, who represent the tenant, wouldn’t comment for this story. Nor would Cushman & Wakefield brokers Alexander Chudnoff and Jared Horowitz, who represent the landlord. Nor, for that matter, would Polo.