SL Green Realty Corp. announced that Diesel, the upscale international lifestyle retailer, has signed a 10-year lease for a new flagship store at 625 Madison Ave.
The transaction for the coveted ground floor corner space at 59th Street brings the building’s retail occupancy to 100 percent.
The new store, with an anticipated opening this summer, will be the second at an SL Green-owned building. The Italy-based retailer’s SoHo location at 135 Spring Street was acquired by SL Green in 2013.
625 Madison Ave is a Class A building in New York City’s Plaza District, home to many of the world’s biggest names in traditional luxury retail along with today’s most dynamic, current brands.
Diesel joins Fratelli Rosetti, Neiman Marcus, Polo/Ralph Lauren, Stuart Weitzman and Philipp Plein, among others, at its newest location.
Brett Herschenfeld, managing director of SL Green Retail, commented, “This corner space in one of Manhattan’s premier retail corridors is the perfect location for Diesel to continue its growth in New York City.
“The transaction demonstrates our ability to use our portfolio’s scale to expand existing relationships with valued tenants. It also underscores the overall success of our retail investment program, which has complemented our core office business with strong returns.”
SL Green was represented in the transaction by Jeff Roseman of Newmark Grubb Knight Frank. Diesel was represented by Bob Gibson of Jones Lang LaSalle.