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Shiseido to move US HQ to midtown Manhattan

Japanese beauty products company Shiseido Co. Ltd. is planning to move its U.S. headquarters to 390 Madison Ave., an office tower in midtown Manhattan undergoing renovation, from its present office at 900 Third Ave., Bloomberg reported Dec. 12.

Shiseido Americas Corp. CEO Marc Rey reportedly said the company was eyeing midtown Manhattan and that it was looking for something "that was either new or very modern in the way it was remodeled." 390 Madison is being developed by real estate company L&L Holding Co., with the renovation expected to be completed in 2018, according to the report.

Shiseido's U.S. unit is also moving workers from an office on Lexington Avenue and East 57th Street, Rey told the news agency.

Citing a person with knowledge of the deal, Bloomberg added that Shiseido agreed to pay about $100 a square foot for a 225,800-square-foot space spanning eight floors under its 15-year lease at the new building.