The Real Deal New York

Under Armour in talks for GM Building space

Apple, Nike have also expressed interest in retail area formerly occupied by FAO Schwarz

May 24, 2016 02:50PM

767 Fifth Avenue in Midtown (inset: Under Armour CEO Kevin Plank and Doug Linde)

767 Fifth Avenue in Midtown (inset: Under Armour CEO Kevin Plank and Doug Linde)

Under Armour is in late-stage talks to take over FAO Schwarz’s former space in the General Motors Building.

The company is close to a long-term deal for the 60,000-square-foot space at Boston Properties’ 767 Fifth Avenue in Midtown, the Commercial Observer reported. Last week, the New York Post reported that Apple was in talks to take over all or part of the space on a temporary basis.

Under Armour isn’t the only sportswear suitor that has shown interest in the space. Sources told The Real Deal in April that Nike was eyeing the retail location, which is just a block away from its flagship store on East 57th Street. It’s not clear if those discussions have continued. Steven Soutendijk and David Green of Cushman & Wakefield are representing the landlord on retail deals in the building.

FAO Schwarz closed its doors in July after nearly 30 years in the GM Building. The toy company left due to rising rents.

Rates for retail spaces in that section of Fifth Avenue range from about $2,700 to $4,450 per square foot, according the a recent Real Estate Board of New York report. [CO]Kathryn Brenzel

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