Italian beauty shop Kiko Milano inks $9.7M retail lease at SL Green’s 1515 B’way

Landlord said it’s filled former Aeropostale space at higher rents

New York /
Jun.June 21, 2017 04:05 PM

Italian cosmetics company Kiko Milano inked a 1,100-square-foot lease at SL Green Realty’s TRData LogoTINY 1515 Broadway, filling the final retail vacancy left behind at after Aeropostale shuttered its store at the base of the Times Square tower.

The deal comes as the retail market is showing increasing signs of stress. SL Green said that Aeropostale was paying $9.7 million a year in rent, according to Crain’s, which first reported the Kiko Milano deal. The three tenants the landlord has signed to the space – with the addition of an LED sign – are collectively paying $12.6 million a year, SL Green said.

“When Aeropostale vacated the space, SL Green strategically elected to divide the space into three components plus an LED sign to achieve a rental level higher than Aeropostale’s,” said Brett Herschenfeld, SL Green’s managing director of retail leasing and investments.

The landlord had previously signed Viacom, which has its corporate headquarters in the 1.75 million-square-foot tower, to Aeropostale’s second-floor space, where the media company will broadcast live programming. Mobile-messaging company Line Friends Corp. also signed a lease for 4,629 square feet on the ground floor of the 54-story tower. The space also comes with a new LED sign.

Kiko Milano will open its store in between the Line Friends space and the Swiss watchmaker Tissot, an existing tenant.

China Investment Corp. has placed a bid to buy a 49-percent stake in the tower, which could value the building at around $2 billion. [Crain’s]Rich Bockmann

(To view SL Green Realty’s retail leasing transactions, click here)


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
15 Park Row (Google Maps)
J&R Music founders sell Park Row apartment tower for $140M
J&R Music founders sell Park Row apartment tower for $140M
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Gov. Andrew Cuomo (Getty)
Industry reacts to Cuomo’s proposed commercial eviction ban
Industry reacts to Cuomo’s proposed commercial eviction ban
Merchants Hospitality Inks Club Deal at Cachet Hotel (Google Maps, Playboy Club)
Nightlife veteran John Blair inks deal for Hell’s Kitchen club
Nightlife veteran John Blair inks deal for Hell’s Kitchen club
Financial disclosures show extent of Trump Org losses
Financial disclosures show extent of Trump Org losses
Financial disclosures show extent of Trump Org losses
arrow_forward_ios

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

Loading...