The space will be the new home for the clothing line’s Madewell division, which previously shared headquarters with J. Crew in the East Village. The 10-year lease features 17,433 square feet on the fourth floor and 42,183 square feet on the 10th floor penthouse, according to the New York Post.
The penthouse features 35-foot ceilings, skylights and a roof terrace. The Factory, a 1.1-million-square-foot building that acted as a furniture warehouse for Macy’s in 1926, recently underwent an extensive renovation.
Atlas Capital, Invesco and Square Mile Capital bought The Factory in 2014 and began a $20 million revitalization soon after. It included electrical and elevator upgrades, new lighting and renovating the lobby with public seating, art and historical artifacts, such as a 19th-century map of Long Island City.
“Madewell saw the opportunity to become part of the authentic community we are building within the building,” said Brian Waterman of Newmark Grubb Night Frank, who represented the owners.