Former Hermés Flagship on Madison Secures New Tenant
Dolce & Gabbana will be planting another flag on Madison Avenue, having signed a lease for approximately 23,000 square feet at 695 Madison. The 4-story building formerly housed Hermés’ women’s store until last year upon relocating to 706 Madison Avenue. “Annual rent for the entire building is roughly $12 million a year, according to people familiar with the market.” The four floors plus lower-level range in size from 4,234 square feet to 5,010 square feet with ceiling heights ranging 9’-7” to 12’-4” and the 3rd floor features a 734-square-foot terrace according to marketing material. Located on the corner of East 62nd Street, the 120’ of wraparound frontage is split between Madison Avenue and 62nd Street. It is unclear if Dolce & Gabbana plans to consolidate any existing locations in the area, having leased an 18,400 square foot flagship at 717 Fifth Avenue in 2011 under a 15-year lease, with other stores located at 820 and 827 Madison Avenue according to the Italian fashion brand’s website.