Retail at 420 Fifth Avenue reaches full occupancy

TRD New York /
Dec.December 17, 2012 02:30 PM

The 72,000-square-foot retail space at 420 Fifth Avenue, which struggled with low rents and a dearth of tenants during the recession, has reached full occupancy, with sports equipment store Golfsmith International Holdings taking the last remaining space, the Wall Street Journal reported.

Heritage Realty, the 28-story building’s landlord, had initially tried to secure a single anchor tenant, but changed its strategy in the wake of the financial crisis. The company decided to divide the site into three portions and plugged $4.7 million into renovations and property improvements, including new elevators and electrical systems. CVS Pharmacy and Reebok CrossFit inked deals with the landlord earlier this year, and this month Golfsmith filled the last remaining vacancy in a 14,452-square-foot deal.

The average rent among the three tenants is currently over $100 per square foot, more than three times the $30 average rent paid by CompUSA, the electronics company that was the space’s previous anchor tenant. [WSJ] – Hiten Samtani

Related Articles

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Steven Holl (Photo by Axel Dupeux)

The Closing: Steven Holl

(Credit: iStock)

Tenant coalition sets agenda: tax the rich and house the poor

The Daily Digest - Tuesday

WeWork bonds hit low, new LLC legislation went farther than intended: Daily digest

WeWork's co-CEO Sebastian Gunningham speaks at the launch of Dock 72

What, We Worry? Execs remain confident in WeWork-anchored Brooklyn project

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform