● sl green
Urban Outfitters on Broadway
SL Green Realty Corp announced retail leases with Urban Outfitters and TD Bank at 180 Broadway, a soon-to-be-completed ground-up, mixed-use development in lower Manhattan owned by SL Green, Jeff Sutton and Harel Insurance.
The transactions bring the project to 100% leased following the conveyance to Pace University of a long-term ground lease condominium interest for the balance of the building.
Urban Outfitters signed a 15-year, three-floor, 21,653 s/f lease and TD Bank inked a 20-year, 2,752 s/f bank branch lease.
SL Green president, Andrew Mathias, commented, “We are proud to participate in the revitalization of downtown Manhattan, and to announce the completion and stabilization of our first ground-up student housing property. 180 Broadway today is a model for cutting-edge design in student housing combined with modern retail space.”
● douglas elliman
Grossberg puts up fierce effort
Project Runway winner Christian Siriano has renewed his lease for another year at his boutique at 252 Elizabeth Street in NoLita.
Douglas Elliman’s Anita Grossberg, of the Sroka Worldwide Team, put the deal together with Stephen Tarter, of Tarter Stats O’Toole, who represented the landlord.
Siriano initially penned a lease for a year last June, but decided the store was so successful, he renewed, according to Grossberg.
The boutique is 1,000 s/f and is down the block from Cynthia Vincent, Dolce Vita, and Tory Burch.
Grossberg anticipates Siriano — who paid $9,500 per month for the NoLita spot — will need to seek more space after this lease is up.
● W&H Properties
Swatch opens concept store
Swatch Group will soon open an Hour Passion concept store at W&H Properties’ 112 West 34th Street, announced Anthony Malkin, president of Malkin Holdings LLC, which supervises the W&H Properties portfolio.
Hour Passion shops bring together a range of Swatch Group brands under a single roof. The 1,837 s/f store at 112 West 34th Street is expected to open by the end of the second quarter this year, under terms of a 10-year lease.
“34th Street is in the midst of a massive retail renaissance,” said Malkin. “Better name-brand retailers are populating the corridor and the Herald Square area that caters to tourists, and the growing influx of corporate office tenants to the neighborhood reflects the higher quality visitors and daily workers drawn to the improved demographics.
“Swatch will be in the center of the action, in a prime position across from Macy’s flagship location and directly adjacent to a major transportation hub.”
Malkin noted that the Swatch transaction highlights that the epicenter of the transformation is right across from Macy’s, and next to an enormous opportunity for multi-floor retail space, totaling more than 92,000 s/f, which will soon be available right next door in the balance of 112 West 34th Street’s retail space.
David Green and Alan Schmerzler of Cushman & Wakefield represented Swatch Group in the lease negotiations. Joanne Podell and Ian Lerner, also of Cushman & Wakefield, represented the landlord.
● newmark grubb knight frank
Design store expanding
Modern furniture and accessories retailer, Design Within Reach, Inc. (DWR) has announced a real estate expansion plan that will increase the company’s retail footprint by more than 40,000 s/f by the end of 2013 in three major U.S. cities: Los Angeles, New York and San Francisco.
The new locations build upon DWR’s recent successful rollout of larger Studios in New York and Miami and a new 20,000 s/f studio in Costa Mesa, Calif.
DWR is continuing its partnership with New York-based architecture group Sayigh+Duman to bring these Studios to life and is also collaborating with NYC-based design firm 2×4 to expand its approach to branding.
James Ritman of Newmark Grubb Knight Frank is representing the company’s future retail expansion efforts.
The new locations are expected to open by early fall. Construction has commenced in the M&B Building on DWR’s new 20,000 s/f 57th Street Studio at 957 Third Ave. which will replace the current Studio on East 62nd Street in New York.
