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uxury brand conglomerate Louis Vuitton Moet Hennessy has leased 150,000 square feet across four office floors at 590 Madison Avenue, a 1-million-square-foot tower owned by an Ohio pension fund and managed by Edward J. Minskoff Equities. The lease is likely priced similarly to the $190 per foot asking rent for nearby 550 Madison Avenue, where LVMH also has offices. CBRE represented the landlord while Savills represented LVMH.

    The office space at 590 Madison was available due to IBM's departure from the building, which it had occupied since its construction in the late 1970s and early 1980s. Minskoff is revamping the building to meet modern tenant needs, including converting a former client-facing area into amenities for all tenants.

    LVMH's new space will accommodate its expansion needs and provide "swing space" as the company redevelops nearby properties, including 1 East 57th Street and 19 East 57th Street. The latter is a quirky glass edifice designed by Christian de Portzamparc that is technologically obsolete and has awkward floor configurations.

    The building's retail space may also be of interest to LVMH, as Bonhams Auction House prepares to relocate from the building to 111 West 57th Street. With its large retail tenant vacating, it's possible that LVMH will take over some or all of the space.