SL Green, Sutton do early renewal with Prada at 724 Fifth

New York /
Nov.November 13, 2013 11:54 AM

SL Green Realty and Jeff Sutton have signed fashion giant Prada to an early renewal deal for its 20,000 square feet at 724 Fifth Avenue, SL Green said. The renewal will extend Prada’s lease by 15 years and keep them in the building through 2028.

Prada has just over 15,500 square feet of retail space spread out over four floors of the 12-story building, according to a release, and has 5,200 square feet of office space on the fifth floor.

The Prada lease was set to run out in 2017, but the landlords – which also jointly control the retail portions of 609 Fifth Avenue717 Fifth Avenue, 720 Fifth Avenue and, as of last week, 650 Fifth Avenue – capitalized on the strong demand for Fifth Avenue retail space to sign a deal ahead of time, according to SL Green executive Brett Herschenfeld.

“This early renewal is another great example of the power of the SL Green/Jeff Sutton partnership,” Herschenfeld said in the release.

In 2011, SL Green, Sutton and Stonehenge Partners bought the 724 Fifth Avenue building from real estate company David Frankel Realty as part of a 10-building, $400 million deal. – Hiten Samtani


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
Jeff Sutton of Wharton Properties with 103 North Fourth Street. (Google Maps)
Jeff Sutton sells $31M stake in Williamsburg property
Jeff Sutton sells $31M stake in Williamsburg property
Jeff Sutton and 724 Fifth Avenue (Wharton Properties, iStock, Google Maps)
Jeff Sutton lands $235M refinancing on 724 Fifth
Jeff Sutton lands $235M refinancing on 724 Fifth
106 Spring Street with SL Green's Marc Holliday of SL Green and Paceline Equity Partners' Sam Loughlin (Google Maps, iStock)
One of Soho’s priciest retail spaces sells at UCC foreclosure auction
One of Soho’s priciest retail spaces sells at UCC foreclosure auction
SL Green's Marc Holliday and Brookfield Asset Management's Bruce Flatt with Tower 46. (SL Green, Brookfield)
SL Green to sell its 25% stake in Tower 46 to Brookfield
SL Green to sell its 25% stake in Tower 46 to Brookfield
SL Green CEO Marc Holliday with 11 Madison Avenue and 100 Park Avenue (SL Green, Google Maps/Illustration by Alexis Manrodt for The Real Deal)
SL Green sees improved “market vibe,” office return in “a blink of an eye”
SL Green sees improved “market vibe,” office return in “a blink of an eye”
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...