UPDATED, 9:50 a.m., May 29: A division of watch- and other accessories brand Fossil will open its flagship store in New York City at 1585 Broadway.
Skagen, a retailer that sells time-pieces and other leather accessories that originated in Denmark, will join its parent company, at the corner of 48th and Broadway. Plans call for Skagen to take 1,585 square feet next to the 3,241 square feet that Fossil currently occupies. Fossil also signed a 15-year lease extension in the deal.
Amira Yunis of CBRE represented the tenant.
The Real Estate Board of New York recently reported that average rents for store fronts in Times Square are now $2,407 per square foot, an 11 percent year-over-year increase. [NYP, 2nd] — Claire Moses