592 Fifth Ave. rendering provided by CBRE
NEW YORK CITY—Lululemon has inked a deal with Singapore-based United Overseas Bank to lease 20,000 square feet of retail space at 592 Fifth Ave. The athletic clothing retailer has taken possession of the property and plans to open later this year, doubling the size of its retail location, moving from the Scribner Building across the street at 597 Fifth Ave. Additional terms of the lease were not disclosed.
CBRE's Michael Kadosh and Lon Rubackin represented the landlord United Overseas Bank in the lease negotiations. RKF's Jeremy Ezra represented the tenant Lululemon.
“The recent repositioning of 592 Fifth Avenue by the landlord, United Overseas Bank, coupled with the property's prominent visibility and global exposure in one of the most desirable markets in the world, made this space extremely attractive to retailers,” says Kadosh. He notes that the new, multi-level flagship store underscores the continued importance of brick-and-mortar stores as part of the overall success in today's retail environment.
“The high-end brand is also a perfect complement to the building and to the revamped retail space,” adds Kadosh.
Constructed in 1911 as the Black, Starr & Frost Building, 592 Fifth Ave. is a 70,000- square-foot office property undergoing renovations. This will include installing a new building façade to enhance visibility. The office portion of the building currently has four vacant floors, each with approximately 8,000 rentable square feet.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
