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Uniqlo Inks Deal for Massive Fifth Ave. Flagship

NEW YORK CITY-The Japanese clothier's second Manhattan location, at 666 Fifth Ave., is believed to set a record for retail rents at $300 million.

By Paul Bubny | Updated on April 19, 2010

NEW YORK CITY-Japanese apparel retailer Uniqlo has signed a lease for an 89,340-square-foot flagship store at 666 Fifth Ave., its parent company Fast Retailing Co. announced Monday. The space, which will be the brand’s largest worldwide, is believed to set a record for retail rents at $300 million over 15 years.

The deal had been rumored for months since the New York Post reported last June that the Tokyo-based Fast Retailing might be interested in the former Brooks Brothers space for its second Manhattan store. Its current outpost here, at 546 Broadway, is less than half the size of the forthcoming 666 Fifth space at 36,000 square feet. The new location will also be more than twice as large as a Shanghai flagship that was announced earlier this month.

Cushman & Wakefield executive director C. Bradley Mendelson represented the property’s ownership, 666 Fifth Retail Associates, in lease negotiations. Mendelson says in a statement, “”By buying out the Brooks Brothers lease and buying the Hickey Freeman lease from bankruptcy, the ownership of 666 Fifth Ave. was able to assemble the most valuable retail opportunity in New York. Executing this strategy showed a prescient confidence in Fifth Avenue that has proven more than right.” The ownership is a joint venture of Crown Acquisitions and the Carlyle Group that bought a controlling interest in 666 Fifth’s retail portion from the Kushner Cos. for $525 million in 2008.

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