Gucci will not leave Trump Tower soon like Tiffany, Nike and others
Gucci will be staying at the base of Trump Tower in Midtown Manhattan and won’t be leaving anytime soon.
According to a report in The New York Times, Gucci has leased 48,667 feet in the Trump Tower in Manhattan for 14 years.
Gucci, the Trump Tower’s biggest commercial tenant, renegotiated and extended its lease. The company took a lease in 2006 and was due to expire in 2026. They paid $384.40 per square foot each month. Now the company got a reduction in rent after agreeing to expand its lease.
Gucci and The Trump Organization declined to comment to the Times regarding the deal signed.
According to The New York Times, Gucci is a highly desirable tenant for Trump Tower, as the company has grown in popularity since 2015.
According to Bloomberg, another luxury brand named Tiffany is not renewing the lease for 74,000- square- foot space in a different Trump-owned building in Manhattan. After the previous tenants, Nike left, the space on East 57th Street was subleased by jewelers for their headquarters and store.
Other companies like The Industrial and Commercial Bank of China reduced their space in Trump Tower in 2019 and Tiffany plans to vacate its location.
Shannon Coulter, who has led boycotts against companies like Molson Coors, LVMH, and New Balance because of their connections with former President Donald Trump, told The New York Times that the news was “disgusting”. She said that they are essentially doing business with a white supremacist.
