The New York Post reports that Sotheby’s is exploring its real estate options by selling their headquarters on New York’s Upper East Side and leasing it back. The international auction house may be looking to get space in one of the city’s newer developments downtown:
“They want to do a short-term leaseback between three and five years,” said one source.
Sotheby’s has hired Peter Riguardi, local head of Jones Lang LaSalle, and colleague Alexander Chudnoff to find it another location. That could include a more contemporary central Midtown or even Hudson Yards-area spot like the Manhattan West site that JLL is representing.
“Given the location of our building, the current real estate market, the unsolicited interest we’ve received in our property and our responsibility to our shareholders, we are exploring our options,” Sotheby’s spokesman Andrew Gully said.