Adidas Renews Lease for Flagship Store in Soho

Adidas has signed a 10-year renewal for its downtown flagship store at 610 Broadway.

The multinational sportswear brand occupies a three-level, 30,639-square-foot space in the building, which is owned by funds associated with LaSalle Investment Management. JLL represented the landlord in the transaction and says it was one of the largest retail transactions to close in the Soho market this year. Adidas was represented in-house.

Situated on the northeast corner of Houston Street, 610 Broadway is a six-story Class A office building built in 2004 with Adidas as its retail anchor.

JLL originally began negotiating the renewal with Adidas in 2019, however, the talks were sidelined when COVID forced both parties to focus on a shorter-term solution in 2020 and 2021.

In its Q3 2022 Manhattan Retail report, JLL noted that the neighborhood’s year-over-year availability rate dropped nearly 10% as apparel and accessories brands in particular flocked to the area. Among the arrivals were British jewelry brand Vashi, French atelier Cartier and luggage retailer Tumi. With subleases now making up only 3% of all Soho retail availabilities, the market continues to strengthen, according to JLL.

JLL retail vice chairman Patrick A. Smith led the leasing team, which included managing director Erin Grace and executive vice presidents Matthew Ogle and Corey Zolcinski.