Pernod Ricard Establishes U.S. Headquarters at 250 Park Avenue; Cassidy Turley Negotiates Agreement for LEED-Certified Gold Property
NEW YORK, May 9, 2012 /PRNewswire/ -- Cassidy Turley, a leading commercial real estate services provider in the U.S., negotiated a long-term lease agreement with Pernod Ricard USA for approximately 82,300 square feet at 250 Park Avenue, located on the westerly block front between 46th and 47th streets. Pernod Ricard USA, a premium producer, importer and marketer of some of the nation's most prestigious spirits and wine brands, signed a lease for the entire 16th, 17th, 18th floors and a portion of the 20th floor. David L. Hoffman, Jr., Executive Managing Director, Robert L. Billingsley, Vice Chairman, and Wendy Miller, Managing Director, of Cassidy Turley represented building owner AEW Capital Management in the transaction.
The building, a LEED-Certified Gold property, offered unique amenities to the quality spirits and wine supplier, including a substantial outdoor terrace on the northern and southern wings of the 17th floor. Pernod Ricard USA has added positions to its business over the last number of years based on the strength of such premium brands as Absolut Vodka, Jameson Irish Whiskey, Malibu Rum, Chivas Regal Scotch, The Glenlivet Single Malt Scotch Whisky and Kahlua, as well as Perrier Jouet Champagnes and Jacob's Creek and Brancott wines. The company's growth caused space constraints in its existing offices in Manhattan and Purchase, N.Y. and they will relocate all employees from its current Manhattan office together with selected employees from Purchase. Roughly 150 employees will remain in the Purchase office, and the company will continue its strong community involvement programs in Westchester County.
"We are delighted Pernod Ricard USA selected 250 Park Avenue for its New York City headquarters, especially in a market environment with considerable competing space and a relative lull in leasing velocity," said Mr. Hoffman. "Pernod Ricard was attracted by 250 Park Avenue's unique combination of excellent location, recent major capital improvements and long-term institutional ownership."
Paul Duffy, Chairman and CEO, Pernod Ricard USA, said the move reflects the company's growing presence and investment in the U.S. market. "Our new office in New York City will reinforce Pernod Ricard USA's status as a vibrant company made up of premium brands and premium people," Duffy said. He added, "New York is known for the dynamism that drives our business -- it's home to cutting-edge bars and nightclubs where brands are built, the creative agencies we collaborate with and the diverse consumers we are trying to reach."
Pernod Ricard USA was represented by Snezana Anderson, Michael Geoghegan and Christopher Corrinet of CBRE Group, Inc.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,600 professionals in more than 60 offices nationwide. The company represents a wide range of clients -- from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services -- including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world's leading real estate investment advisors, AEW and its affiliates manage $33 billion of capital invested in over $47 billion of property and securities in North America, Europe and Asia (as of December 31, 2011). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Singapore and Hong Kong, as well as additional offices in nine European cities. For more information please visit www.aew.com.
About Pernod Ricard USA
Pernod Ricard USA is the premium spirits and wine company in the U.S., and the largest subsidiary of Paris, France-based Pernod Ricard SA, which employs more than 18,000 people worldwide and is listed on the NYSE Euronext exchange (Ticker: RI).
The company's leading spirits and wines include such prestigious brands as Absolut® Vodka, Chivas Regal® Scotch Whisky, The Glenlivet® Single Malt Scotch Whisky, Jameson® Irish Whiskey, Malibu®, Kahlua® Liqueur, Beefeater® Gin, Plymouth™ Gin, Seagram's Extra Dry Gin®, Martell® Cognac, Hiram Walker® Liqueurs, Pernod®, Ricard® and Avion™ Tequila (through a joint venture with Tequila Avion); such superior wines as Jacob's Creek® and Brancott Estate®; and such exquisite champagnes and sparkling wines as Perrier-Jouet® Champagne, G.H. Mumm™ Champagne and Mumm Napa® sparkling wines.
Pernod Ricard USA is based in Purchase, New York, and has roughly 850 employees across the country.
Pernod Ricard USA urges all adults to consume its products responsibly and has an active campaign to promote responsible drinking. For more information on this, please visit: http://www.acceptresponsibility.com/.
SOURCE Cassidy Turley