The Real Deal New York

Adidas expands NYC footprint with retail lease at SL Green’s 115 Spring Street

"Originals" boutique will take up two-floor condo
July 22, 2015 03:55PM

Footwear and apparel giant Adidas has claimed another boutique space in the heart of Soho, according to landlord SL Green Realty.

The sportswear company will open one of its “Originals” boutiques across more than 5,200 square feet on two leased floors of 115 Spring Street, SL Green said in a media release.

SL Green has owned the retail condominium, which is located between Mercer and Greene streets, since 2014. The REIT did not disclose how much Adidas is paying on the 10-year-lease. Asking rents on the ground floor along Spring Street near Broadway typically range from $400 to $500 per square foot.

The German sports apparel company already has an “Originals” store in Soho, located at 136 Wooster Street. It’s unclear whether Adidas will maintain two stores in Soho or consolidate space.

RKF’s Jeremy Ezra represented Adidas and Ariel Schuster and Ross Berkowitz, also of RKF, represented SL Green in the transaction for 115 Spring Street.

Earlier this summer, Adidas signed a lease for a 20,000 square foot design studio on top of the Brooklyn Brewery in Williamsburg.

Rental rates at the Solomon Jacobowitz-owned building in Brooklyn are in the range of about $70-per-square-foot, Crain’s reported in June. — Claire Moses