RKF, North America’s leading independent real estate firm specializing in retail leasing, investment sales and consulting services, announced today that is has arranged a 34,000-square-foot lease for Adidas at 565 Fifth Avenue. This will be the sporting brand’s largest store to date in North America.
RKF Executive Vice President Jeremy Ezra represented Adidas, while landlord Stawksi Partners was represented in-house.
Located on the corner of Fifth Avenue and 46th Street, the Adidas flagship store will cover three floors of retail space that totals more than 34,000 square feet. The new store is scheduled to open in Fall 2016.
Adidas selected this site to help elevate the brand as a premier global retailer on Fifth Avenue, and was attracted to the proximity to neighboring tenants that include the North American Flagships of H&M, Topshop, Sephora, Guess and Karen Millen, as well as the heavy foot traffic generated from Rockefeller Center and Saks Fifth Avenue. Additionally, the brand was impressed with Stawski Partners’ understanding of its needs and their ability to best utilize the space to amplify Adidas presence on Fifth Avenue.
“Adidas had been searching for a space on Fifth Avenue for several years and this space enables them to make a significant impact in the North American market,” explained Ezra. “The building is a clean modern glass structure and will provide the brand with a powerful storefront on one of the most active corners in Manhattan.”
Fifth Avenue remains one of the most sought-after retail locations in the world and is still the retail destination of choice for international brands looking to make their mark in North America. The Avenue offers some of the strongest co-tenancy in the city, from luxury and mid-price brands alike, and attracts millions of domestic and international tourists annually. In recent years, Fifth Avenue between 49th Street to 42nd Street has come into its own, attracting major international retailers to open flagship stores. The addition of Adidas is expected to dramatically transform this stretch of Fifth Avenue.
The Adidas Group, under the direction of president Mark King, has recently stated that its top priority in 2015 is to expand the brand in the highly competitive North America market. The company’s planned retail expansion will address target consumer communities on a larger scale and support product distribution within these cities.
RKF also represented Adidas in their recently announced 115 Spring Street location and in their newly opened post on 452 Fulton Street in Brooklyn.