The Real Deal New York

Under Armour eyes 140 West St. as Nike deal remains in limbo

Phil Knight's company has been negotiating a deal for up to 65,000 sf for years

July 20, 2016 08:00AM

From left: Under Armour CEO Kevin Plank and 140 West Street

From left: Under Armour CEO Kevin Plank and 140 West Street

Under Armour is poised to step in at 140 West Street if Nike decides to walk away from the space.

Nike has been negotiating some 40,000 to 65,000 square feet at the base of the downtown building but has yet to sign a lease, the New York Post reported. As the deal hangs in the balance, Under Armour is eying the prime space at the Art Deco tower, which sits across from Brookfield Place’s shopping center and the entrances to Westfield’s Oculus shopping center.

Ben Shaoul’s Magnum Real Estate TRData LogoTINY bought the historic Verizon headquarters in 2013 for $274 million. A year later, he purchased the 100,000 square feet of retail space in the building for $40 million. He’s converting the top floors of the building into 161 condo units.

Under Armour is also competing with Nike for FAO Schwarz’s former space at the General Motors Building in Midtown. In May, the Commercial Observer reported that Under Armour was close to inking a long-term deal for 60,000 square feet of 767 Fifth Avenue. The status of that deal remains unclear. [NYP] Kathryn Brenzel

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