After two straight decades of three-year lease renewals, Bill Blass Ltd. has committed to its first long-term renewal this week. The fashion designer signed a 10-year lease renewal at 550 7th Avenue in Manhattan, where the firm occupies 11,695 sq. ft. of showroom space.

"With the market beginning an upturn, we’re seeing more tenants locking in longer-term rents," says Michael Heaner of Kaufman/Adler Realty, who represented the tenant in the deal. "We’re glad we were able to help Bill Blass Ltd. take advantage of this situation."

The asking price was $36 per sq. ft. The 24-story, 250,000 sq. ft. couture building also houses several marquee names in the fashion industry, including Oscar De La Renta Ltd., Donna Karan, Vivienne Tam, Jill Stuart, Polo Ralph Lauren and Lilly Pulitzer.