SL Green Realty Corp. and partner Jeff Sutton issued a press release today (Thursday) stating that they have entered into an agreement to buy out the lease of retailer Juicy Couture at 650 Fifth Avenue.
The transaction enables the leasehold owners to combine Juicy Couture’s existing basement, grade-level and second floor retail space with additional vacant space on the third-floor, to accelerate the partnership’s ability to re-position the building’s premier retail corner location.
The announcement follows the SL Green/Sutton joint venture’s recent acquisition of a 49-year leasehold interest covering the entire retail portion of 650 Fifth Avenue.
SL Green president, Andrew Mathias, said, “By executing this transaction, we are immediately creating substantial value for the leasehold and fee interest at the property. Our conversion will enable a retailer to establish a vertical store in a prime Fifth Avenue location with nearly 30,000 square feet of space.”
He continued, “Working in partnership with Jeff Sutton, we continue to build what we believe is New York City’s best retail real estate portfolio.”