NEW YORK CITY-Zara, the flagship retail brand of Spanish fashion giant Inditex has signed a 15-year, 30,000-square-foot lease at 222 Broadway. The space—comprising a portion of the ground, second and lower level of the building—will become the flagship store of the clothing brand.
Located on the full blockfront between Ann and Fulton streets, the 32-story building spans 750,000 square feet. The store will feature an all-new two-story wrap-around storefront with a state-of-the-art double-height glass retail façade. It is expected to open in late 2014 or early 2015.
L&L Holding Co. owns 222 Broadway in partnership with Beacon Capital Partners. According to L&L CEO David Levinson, the leasing transaction is part of the ongoing, multi-million, Gensler-designed redevelopment of the building's lobby, elevators and ground-floor retail space, which is located steps away from downtown major public transportation hubs-the Fulton Street Transportation Center and the Calatrava PATH Station at the World Trade Center.
Levinson also reports that L&L plans to move the building's lobby entrance to Fulton Street, thereby creating more dramatic retail space for the Zara store. The retailer will gain possession in the second quarter of 2014, after which it will begin a renovation.
“Zara is a prime example of the world-renowned retailers who are discovering Downtown Manhattan's vitality in terms of transportation, live/work opportunities, proximity to dining and shopping and other exciting features,” says Levinson. “As the key connector between the redeveloped World Trade Center and the South Street Seaport, our new Downtown North retail redevelopment is helping to transform the streetscape and create more unified storefronts and facades on the corridor.”
Cushman & Wakefield's C. Bradley Mendelson and Alan Schmerzler represented L&L Holding in the transaction, as did the company's EVP and director of leasing David Berkey in-house. Asking retail rents for 222 Broadway's retail space were $500 per square foot for the ground floor, $125 per square foot for the second floor and $50 per square foot for the basement.
L&L also owns 195 Broadway, a landmarked, one-million-square-foot office tower on the full blockfront of Fulton to Dey streets, which has approximately 40,000 square feet of prime retail space on the ground and lower level.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
