SL Green Realty is putting 609 Fifth Avenue, the building that houses the American Girl Place store, on the market.
Mattel’s American Girl Place’s lease at the 156,000-square-foot property is set to expire in 2018, Bloomberg reported. The upscale toy store is not planning on leaving before its lease is up, a Mattel spokesperson told the website. SL Green is looking to cash in on rising retail rents on the shopping corridor. The American Girl lease was said to be one of the biggest retail deals of its time.
“Demand for retail space on that part of Fifth Avenue continues to be extremely hot, and there’s no indication it’s going to subside in the near future,” a spokesperson for SL Green told Bloomberg.
CBRE’s Darcy Stacom is marketing the property. “This is perfect high street retail,” she told Bloomberg. “It’s across the street from Saks Fifth Avenue and catty-corner to Rockefeller Center. This is the anchor of the gold coast.”
SL Green is in the midst of buying 11 Madison Avenue for $2.3 billion and is marketing Tower 45, an office tower near Times Square. The property is one of a few “mature, non-core assets” the company has been planning to sell, an SL Green spokesperson told the website. [Bloomberg] — Claire Moses
Correction: a prior version of this article incorrectly stated Jeff Sutton as a co-owner.