Rolex announced last week that its new 30-story flagship at 665 Fifth Avenue in Manhattan will open this fall. Rolex will not occupy all 30 floors, but will use about half of the building and lease out the rest. In a statement, Luca Bernasconi, CEO of Rolex Watch USA, said the tower “will serve our team and tenants.”
“New York City and Fifth Avenue, in particular, have long been crucial to Rolex in the US. The Rolex Building at 665 Fifth Avenue is a clear expression of our enduring commitment to this city: a beautiful example of modern architecture that will serve our team and tenants, as well as welcome clients for decades to come,” he said.
The 165,000-square-foot building will include a multi-level Rolex retail space topped by office floors, along with amenities such as a restaurant and event space. A number of floors above Rolex’s offices will be available to select tenants, including Angeles Wealth Management, which will move in this fall.
Rolex’s new building is part of a new trend in luxury, a flagship arms race of sorts, to develop prominent sites. LVMH plans to demolish its building at 57th Street and Fifth Avenue to construct a new flagship, a move reportedly influenced by Rolex’s project. Meanwhile, Kering has agreed to buy the retail portion at 715–717 Fifth Avenue. Prada is planning a tower at 724 Fifth Avenue, with a store at the base and offices and condominiums above. Having an address on the Champs-Élysées or Fifth Avenue is no longer enough. Brands like Rolex want larger, more visible flagships, a shift often reported in these pages.