In a leasing transaction that brings a high profile toy company to a building once revered as the toy industry’s world headquarters, LEGO Systems Inc., the prominent construction toy manufacturer, has leased 7,703 s/f of ground floor retail space at L&L Holding Company’s 200 Fifth Avenue for its New York City flagship store.
Before being transformed into a trophy office property in 2009, 200 Fifth served as the International Toy Center for over 75 years.
The innovative toy firm, known for its creative products and beloved colored building blocks, will occupy the key ground-floor storefront at the corner of Fifth Avenue and 23rd Street starting in January 2014.
Its neighbor at the base of 200 Fifth Avenue is another iconic retailer – Eataly, the popular Italian food and wine marketplace, which has helped revitalize and transform the retail landscape around Madison Square Park and the Flatiron District.
L&L’s David C. Berkey and Andrew Wiener represented the building’s ownership in the 10-year retail leasing transaction while Jonathan Scibilia and Andrew Kahn of Cushman & Wakefield represented the tenant. Asking rent for retail space at 200 Fifth Avenue is $500 per square foot.
David Levinson, L&L Chairman and CEO, commented: “Recognizing the unparalleled amount of seven-day foot traffic and the area’s thriving demographics, LEGO was keen to pounce on this highly visible location.”
The new LEGO storefront was formerly occupied by Fidelity Investments.
Founded in the 1930s by Ole Kirk Christiansen, LEGO Systems, the North American division of the LEGO Group, is a privately-held, family owned company based in Billund, Denmark and has 9,370 employees worldwide. The company is one of the world’s largest manufacturers of creatively educational play materials for children. LEGO’s only other New York City retail outlet is located at Rockefeller Center.
Located across from Madison Square Park, 200 Fifth Avenue occupies the entire westerly blockfront between 23rd and 24th Streets. The 800,000-square-foot office tower is 100% leased, serving as the world headquarters to Tiffany and Company, Grey Group and IMG Worldwide.