Outdoor sports apparel giant The North Face has signed a lease for 13,000 square feet at 584-588 Broadway, the current home of Express clothing store, Commercial Observer has learned.
The deal, signed last week, includes about 7,000 square feet on the ground floor and 6,000 below grade, sources with knowledge of the deal told CO. The lease is for 10 years and the taking rent was about $200 on the ground and $50 for the basement space.
The North Face will relocate its store at 139 Wooster Street,where it has about 4,000 square feet on the ground and some basement space, to Olmstead Properties’ 584-588 Broadway, a 12-story, 226,000-square-foot office building between Houston and Prince Streets. Express’ lease expires on Jan. 31 and The North Face will take possession of the space in March, the sources said.
Steven Marvin of Olmstead Properties represented the landlord in-house in the transaction, and JLL‘s Michael Hirschfeld, Matt Ogle and Brian Hirschfeld represented North Face. Marvin and Michael Hirschfeld didn’t immediately respond to a request for comment.
from Commercial Observer http://bit.ly/2QYD8Eq