Under Armour in talks for GM Building space

Apple, Nike have also expressed interest in retail area formerly occupied by FAO Schwarz

New York /
May.May 24, 2016 02:50 PM

Under Armour is in late-stage talks to take over FAO Schwarz’s former space in the General Motors Building.

The company is close to a long-term deal for the 60,000-square-foot space at Boston Properties’ 767 Fifth Avenue in Midtown, the Commercial Observer reported. Last week, the New York Post reported that Apple was in talks to take over all or part of the space on a temporary basis.

Under Armour isn’t the only sportswear suitor that has shown interest in the space. Sources told The Real Deal in April that Nike was eyeing the retail location, which is just a block away from its flagship store on East 57th Street. It’s not clear if those discussions have continued. Steven Soutendijk and David Green of Cushman & Wakefield are representing the landlord on retail deals in the building.

FAO Schwarz closed its doors in July after nearly 30 years in the GM Building. The toy company left due to rising rents.

Rates for retail spaces in that section of Fifth Avenue range from about $2,700 to $4,450 per square foot, according the a recent Real Estate Board of New York report. [CO]Kathryn Brenzel


Related Articles

arrow_forward_ios
Tishman Speyer's Rob Speyer, LeFrak’s Richard LeFrak, Equity Group Investments' Sam Zell and BXP's Owen Thomas with 520 Madison Ave, 59-17 Junction Boulevard, 180 Montague Street and 601 Lexington Ave (Tishman Speyer, Getty, BXP, Google Maps)
As city wields stick, real estate players seek state’s de-carb carrot
As city wields stick, real estate players seek state’s de-carb carrot
Boston Properties CEO Owen Thomas and 343 Madison Avenue (Boston Properties, Getty Images)
Boston Properties plans 1M sf tower at ex-MTA HQ
Boston Properties plans 1M sf tower at ex-MTA HQ
601 Lexington Avenue and Citadel’s Ken Griffin (Wikipedia, Citadel)
Billion-dollar refi reveals what tenants pay at 601 Lex
Billion-dollar refi reveals what tenants pay at 601 Lex
Largest Real Estate Loans Topped $2.5B in December, including: 601 Lexington Avenue, 441 Ninth Avenue & 360 Park Avenue South (BXP, Hudson Commons, 360 Park Avenue South, iStock)
Ten biggest Manhattan real estate loans in December top $2.5B
Ten biggest Manhattan real estate loans in December top $2.5B
Boston Properties CEO Owen Thomas (Thomas by Axel Dupeux, iStock)
Boston Properties: Crime, Covid hindering urban office recovery
Boston Properties: Crime, Covid hindering urban office recovery
Boston Properties CEO Owen Thomas and 360 Park Avenue South (RER, CBRE)
Boston Properties closes on Midtown South office building
Boston Properties closes on Midtown South office building
Boston Properties nabs $1B loan at 601 Lex
Boston Properties nabs $1B loan at 601 Lex
Boston Properties nabs $1B loan at 601 Lex
Boston Properties’ Owen Thomas, Vornado Realty Trust’s Steve Roth, Paramount Group’s Albert Behler, SL Green’s Marc Holliday and Empire Real Estate Trust’s Tony Malkin  (iStock, slgreen.com, vno.com, paramount-group.com, esrtreit.com, LinkedIn)
Office landlords profess optimism despite dip in occupancy
Office landlords profess optimism despite dip in occupancy
arrow_forward_ios

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

Loading...