NEW YORK CITY-CBRE is marketing a prime spot of multi-level retail space at 589 Fifth Ave., GlobeSt.com has learned. Chase Bank, whose lease there ends October 1, 2012, currently occupies the 35,000 square feet of space.

Jedd Nero, a CBRE executive vice president heading up the effort, tells GlobeSt.com that he anticipates interest in the space to reflect the growing popularity of retail slots on Fifth Avenue below 52nd Street—previously considered a distant second choice.

He points to Zara, Tommy Bahama, Quicksilver and others that have committed to spaces even below 49th Street, including a lease he brokered for retailer H&M on Fifth Avenue and 42nd Street.

“All these other tenants shortly followed after they saw their success,” he says of those Fifth Avenue retailers, pioneers of sorts. “And all of the ones that are there now have experienced the same success, and the rents have increased over the last year fairly dramatically and continue to do so.”

This particular building, owned by Western Management Corp., sits on the southeast corner of 48th Street and Fifth Avenue. The retail space becoming available consists of 7,000 square feet on the ground floor, 10,500 square feet on both the second and third floors and an additional 6,700 square feet on the lower level.

Nero says that “the space is phenomenal,” and points out that, since the building isn’t landmarked, the fa