Adidas has inked a 15-year lease for a 34,000-square-foot ground-floor space on Fifth Avenue.
The sports brand giant will open up a new flagship store in Stawski Partners’ office building at 565 Fifth Avenue, the New York Observer reported.
The asking price for the space was $1,000 per square foot. The average asking rent on this stretch of Fifth Avenue is $1,244 per square foot, according to Cushman & Wakefield’s latest retail market report.
Just three blocks away — between 49th and 60th streets — the average asking rent jumps to $3,080 per square foot. RKF’s Jeremy Ezra represented Adidas, and Stawski handled the deal in-house.
The space, which is almost double the size of the brand’s store at 610 Broadway, was previously occupied by Build-a-Bear Workshop. The other tenant, Redken, is in the process of relocating to 404 Fifth Avenue. Adidas is expected to open its new store in late 2016. [NYO] — Kathryn Brenzel