Dec
05
Nike Signs Blockbuster Lease on Fifth Avenue
ByThe sports apparel giant is set to open a huge flagship store on the southwest corner of West 52 Street, across from Cartier and Olympic Tower.
650 Fifth AvenueNew York—SL Green Realty Corp. last week secured one of the most expensive retail leases in the world’s most expensive retail corridor, in a 50-50 joint venture with Wharton Properties’ Jeff Sutton.
The partnership signed a 15-year lease for the entire retail portion at 650 Fifth Ave. with Nike, which had been exploring new location opportunities for at least three years. The lease starts at nearly $35 million and is worth a combined $700 million over the term, The Real Deal reported. Cushman & Wakefield represented Nike in the deal.
Nike will occupy 69,214 square feet of space covering seven floors at the 36-story office building that sits next to Rockefeller Center. According to the Commercial Observer, the sports apparel giant will pay $4,000 for the 7,000-square-foot ground floor…
