Denmark-based jewelry manufacturer Pandora is relocating its headquarters from downtown Baltimore to Times Square in New York City.
The company signed a 27,936-square-foot, 15-year lease to occupy the 35th floor at 1540 Broadway, according to the New York Post. CommercialEdge data shows that EDGE Fund Advisors owns the 44-story office building.
JLL worked on behalf of both parties in the lease negotiations, with Executive Managing Director Clark Finney and Vice Chairman Frank Doyle representing the landlord, according to the same publication.
CommercialEdge data indicates that Pandora will join a variety of renowned firms at the 907,427-square-foot property, including Schrödinger, Ernst & Young, Adobe, Forever 21 and MAC Cosmetics, among other tenants.
Built in 1989 and designed by Skidmore, Owings & Merrill, the property encompasses a fitness center, event venues, a tenant lounge, as well as a food hall and concierge services. Surrounded by an array of retail, dining and entertainment offerings, the office building offers transit connectivity via 16 subway lines.
Expansion plans ahead
Pandora plans to move to the new office space in early 2023, while maintaining its downtown Baltimore space at 250 W. Pratt St. until at least 2026. Empire State Development is supporting the $6 million relocation project with as much as $1.5 million in performance-based Excelsior Jobs Program tax credits. This calls for the creation of 133 new jobs in sales, merchandising, marketing, finance, human resources, digital and e-commerce, real estate, legal and operations.
At the midpoint of the year, the national average retail vacancy rate returned to pre-pandemic levels, according to a third quarter 2022 retail report from Marcus & Millichap, with operations in this sector being aided by the labor market rebound.
With a current ownership of 26 stores across the state, Pandora aims to expand its retail presence in New York City. In the upcoming months, the company plans to open three new stores, in addition to its nine locations across Manhattan, Brooklyn, Queens and the Bronx.