Luxury Swiss watchmaker Rolex is set to open its New York office and retail flagship tower this fall, marking a rare move by a luxury brand into the role of office landlord.
Designed by Pritzker Prize-winning architect David Chipperfield, the 165,000-square-foot, 30-story Rolex Building at 665 Fifth Ave. redefines the Manhattan skyline featuring a design inspired by the fluted bezels that frame the crystals on many Rolex models.
The new building is set to house a multilevel Rolex store, along with office floors for Rolex and other companies, Rolex said Monday in a statement. Angeles Wealth Management has signed a lease to move its New York office to the tower from the nearby Seagram Building at 375 Park Ave., Rolex said. Tenants will have access to amenities including a restaurant and an event space.
Angeles Wealth's footprint spans 7,850 square feet at 665 Fifth, according to CoStar data.
“New York City and Fifth Avenue, in particular, have long been crucial to Rolex in the United States,” Luca Bernasconi, Rolex’s U.S. division CEO, said in the statement. The project is “a clear expression of our enduring commitment to this city,” with the building “setting a new standard for an exceptional workplace experience,” he said.
Rolex demolished a 12-story building that it bought in the 1970s to serve as its U.S. headquarters, the company told CoStar News. After over half a century of ownership of the property, built in the 1920s and previously home to the Jansen department store, Rolex evaluated renovation options before deciding that constructing a new, fully modernized tower would be the best approach, the company said.
The previous building also housed other tenants, Rolex said.
While Rolex has owned the property for decades, the new tower reflects a broader trend of luxury and other global brands seeking to own and control their real estate, a strategy that industry professionals say offers greater flexibility and security in prime locations.
Louis Vuitton, for instance, is demolishing and building its owned flagship at 1 E. 57th St. just a few blocks north, with construction concealed behind an art installation of its signature trunks. Meanwhile, Gucci and Prada have paid what’s been described as record prices to buy their Fifth Avenue properties.
The trend can even turn competitors into landlords and tenants. In 2023, Rolex bought a Geneva building that houses rival Omega’s flagship boutique, Bloomberg News previously reported.
The new Manhattan building features stacked architecture with five volumes and four terraces at each setback, Rolex said. The tower is meant to allow natural light to penetrate deep into open and versatile floor plates.
The all-electric building also targets top environmental standards and features a double-skin facade system that optimizes daylight and views while reducing energy needs, along with on-site rainwater and gray water recycling, Rolex said.
Pavarini McGovern is serving as construction manager on the project.