SAN FRANCISCO—Mulberry has assigned its lease at 166 Grant Ave. in Union Square to Giorgio Armani and Armani agreed to a long-term extension with the building owner. Armani plans a full remodel of the premises with the latest prototype for a 2016 opening. Armani is currently located at 278 Post St.
James Accinelli, the partner representing the property owner, 166 Grant LLC, tells GlobeSt.com:
"We are pleased to have completed this complicated transaction that benefited all parties. We look forward to Armani's new store and welcome them to Grant Avenue."
Grant Avenue has long been home to Hermes and Prada, but has experienced an influx of luxury brands during the past several years with the 100 block of Grant Avenue emerging as one of the most desirable locations. Valentino and Brunello Cucinelli have recently opened on the block and Christian Dior is under construction. Other new tenants on Grant Avenue include Kiton, Carolina Herrera and Scoop NYC.
The strength of the street and limited availability has resulted in several retailers moving early to secure locations. Dior signed a new lease and announced its flagship relocation in 2014 for a store that won't open until 2016 and Harry Winston has announced a lease for the Shreve Jewelers space that won't be available for possession until mid-2016. Lucky Jeans recently closed its location at 222 Grant and several retailers are rumored to be interested in the space. Union Square is one of the toniest shopping addresses in the country due to its high concentration of luxury retailers.
Vikki Johnson, formerly of Colliers International represented Mulberry and Joel Issacs of Issacs and Company represented Armani. David Rhoades and Sean Thompson of Urban Realty Co. Inc. advised the ownership in the restructuring and extension of the lease. Terms of the lease transaction were not disclosed.
As previously reported, 166 Geary St., a mixed-use building in Union Square, was purchased by an investor partnership.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
