St. John Knits Dresses Up Downtown Tower

SAN FRANCISCO-Women’s apparel retailer St. John Knits has leased slightly more than 10,000-sf within the 100,000-sf concourse of the Millennium Tower high-rise residential and hotel complex nearing completion at Market Street and Grant Avenue. It will be the second largest store in Irvine-based retailer’s 1,000-store chain.

The entire $215 million project will feature about 1 million sf with 100,000 sf of retail space. St. John Knits will occupy exactly 10,350 sf of space in the tower. The lease term is 10 years at between $35/sf and $45/sf, which is commensurate with other rates in the Union Square area, according to one expert. That would put the aggregate value of the deal at between $3.6 million and $4.7 million.

Cushman & Wakefield’s Seth Nodelman brokered the lease deal for the developers, New York-based Millennium Partners and San Francisco-based WDG Ventures. Gene Spiegelman and Andy Kahn of Cushman & Wakefield’s New York office represented St. John.