Case Study: Maggy London achieves $520K in lease savings with Cresa

Finding the Right Occupier to Take Over Space in the Garment District

Maggy London, a 35-year-old dress design and manufacturing company occupying roughly 40,000 RSF at 530 Seventh Avenue, faced a leasing challenge: non-co‑terminous leases and a hard-to-place 7,400 SF creative-shell sublease with about three years remaining that had received no traction despite a year on the market. Maggy London engaged Cresa for tenant representation, sublease marketing, and lease negotiation support to find a replacement tenant and minimize ongoing lease exposure.

Cresa implemented an aggressive six‑month timeline with an extensive marketing campaign targeting fashion, tech, and creative tenants and proactively coordinated with other brokers in the market. After five months Cresa produced two offers and secured a tenant willing to do a long‑term direct deal with the landlord; Cresa then negotiated a surrender agreement that reduced Maggy London’s obligation on the 7,400 SF space by $520,000.

Maggy London