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New Tenant is Nabbed for Former FAO Schwarz Space

NEW YORK CITY—Much of the legendary former toy store's space will be occupied by a sportswear provider come 2018.

By Rayna Katz | raynakatz | | Updated on July 27, 2016
GM Building Sportswear concern Under Armour has inked a lease for a 53,000-square-foot store at the General Motors building.
NEW YORK CITY—Boston Properties has secured an anchor tenant for the former FAO Schwarz space. Sportswear concern Under Armour has inked a lease for a 53,000-square-foot store at the General Motors Building in Midtown. Located at Fifth Avenue and 58th Street, the property was abandoned last year by FAO parent Toys R Us, which cited rising rents as the reason for its departure. The property still has 17,000 square feet of the former FAO Schwarz space remaining to lease. Under Armour is slated to move in during 2018 as a temporary tenant is occupying the space currently. Property owner Boston Properties declined GlobeSt.com’s request for comment. RKF and Mason Retail Group represented Under Armour in the transaction. In the future tenant’s second quarter earnings call, CEO Kevin Plank said Under Armour will build “the single greatest retail store in the world” in the space. “We know that’s a big statement with big company, but I think that that’s the opportunity we have. I think it’ll really position the brand again in the iconic place where we believe we belong.” A frequent competitor with Nike, Under Armour has been in search of a high-profile, Midtown location to boost its profile, reports Bloomberg.com. The new Under Armour store will open no later than mid-2019, Plank stated. He didn’t mention long the lease would run. It will be Under Armour’s second company-run store in Manhattan, after a location on Broadway in Soho.  

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