Fashion platform Orly has signed a 10-year lease for 20,014 square feet at 20 West 33rd Street in Midtown South Manhattan. The asking rent totals $55 per square foot, anchoring the company's expansion in New York's competitive office market.
JLA Home, the building's landlord, secured the deal two weeks ago. The lease represents a significant commitment from Orly, a consumer products and fashion platform, to establish a substantial footprint in the Midtown South submarket.
At $55 per square foot annually, Orly pays approximately $1.1 million per year in base rent for the space. The 10-year term locks in a long-term occupancy commitment valued at roughly $11 million over the lease period, assuming consistent rent rates without escalations.
The deal reflects ongoing demand from tech and consumer-focused companies for office space in Midtown South, even as remote work policies continue reshaping Manhattan's commercial landscape. 20 West 33rd Street sits in a prime location near the company's likely talent pools and transportation hubs.
Orly's decision to lease rather than buy indicates confidence in their New York operations without the capital commitment of property ownership. The Midtown South submarket remains attractive for fashion and e-commerce brands seeking proximity to both their teams and the city's consumer ecosystem.
For landlords like JLA Home, the lease demonstrates continued viability of office leasing in Manhattan's secondary markets. Large tenant commitments from growing companies validate asking rents in the mid-$50s range for well-positioned buildings. Brokers handling such transactions benefit from active competition among tenants seeking modern, flexible office environments with strong transit access.
The deal underscores Orly's growth trajectory and belief in maintaining a physical New York headquarters despite broader trends toward hybrid and remote arrangements. Office space