Guardian Life Insurance Company of America has entered into a sublease to relocate its headquarters in New York’s Financial District into more than 148,000 square feet of subleased space at 10 Hudson Yards.
The sublease deal with handbag retailer Coach Inc. was revealed in a Sept. 13th 8-K filing with the Securities and Exchange Commission by Coach.
According to the SEC filing, Guardian Life Insurance has agreed to sublease three floors of Coach’s leased space consisting of approximately 148,319 square feet at 10 Hudson Yards. Guardian Life’s headquarters is currently located at 7 Hanover Square in New York.
Officials with Guardian Life could not be reached for comment at press time, however, the rent commencement date for the 10 Hudson Yards space is Feb. 1, 2019 and expires on June 29, 2036.
The SEC filing further states that Guardian has agreed to pay monthly base rent to Coach of approximately $790,000 from March 1, 2019 through June 30, 2019 and monthly base rent ranging from approximately $1.1 million to $1.3 million depending on the period from July 1, 2019 through the expiration of the lease.
Another provision of the sublease is that Coach has agreed to reimburse Guardian for certain subtenant improvements in an amount equal to $80-per-rentable-square-foot, or approximately $11.9 million in the aggregate, subject to a deduction equal to $10.00 per rentable square foot, or approximately $1.5 million in the aggregate, for work previously performed by or on behalf of Coach.