Gucci Extends Lease at Trump Tower in NYC
While other tenants of Trump’s properties are looking to distance themselves from the business dealings of the controversial former president, the Kering brand cut a deal to extend its lease beyond the original 2026 end date at the bottom of Trump Tower on Fifth Avenue in Manhattan. The New York Times reported that Gucci’s rent was reduced when they agreed to stick with the building, where the brand is the largest commercial tenant.
Its continued presence is good news for Trump’s business, as other tenants plan to exit amid an already soft market brought on by the pandemic. Tiffany & Co., currently around the corner at another Trump property, will leave that space in 2022 after completing renovations on its flagship location, according to Bloomberg.
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