General Growth Properties and Joe Sitt’s Thor Equities’ are planning to create five new floors of office space at 685 Fifth Avenue, above Coach’s new flagship store.
The store, which has been dubbed the “Coach House,” is part of the luxury handbag retailer’s strategy to rebrand itself by focusing on prime locations and reducing its footprint elsewhere. GGP announced the 23,400-square-foot lease in February.
Coach will be paying around $4,000 a square foot in rent for the corner spot at West 54th Street — not unheard for that stretch of Fifth Avenue, 6sqft reported. The store is slated to open in the fall, according to the website.
The developers are planning to redistribute space from the lower floors to create five new floors of office space will be added to the 20-story building, raising its height from 227 feet to 292 feet, 6sqft reported.
In 2014, Chicago-based GGP and Thor purchased the building for more than $460 million from Gucci.
Coach’s corporate headquarters will be at Hudson Yards. [6sqft] — Dusica Sue Malesevic