Retailers looking to pay top-dollar For Prime Real Estate On Fifth Avenue, take notice: two storefronts totaling 53,000 square feet at Coca-Cola’s 711 Fifth Avenue are now available for sublease.
The space has been made available by the closure of Ralph Lauren’s Polo flagship and Swiss Breguet’s move to the St. Regis Hotel. Ralph Lauren shut its doors in April, which has left a space of 38,638 square feet, including the 10,034 square foot restaurant.
The space is being offered as a 12-year sublease deal, and would require the new sub-tenant to sublease the restaurant back to Ralph Lauren so it can continue to operate the Polo Bar, the lease offering details state, according to the Commercial Observer.
Coca-Cola refused to allow Ralph Lauren to break its lease, which has pulled in $25 million for the first five years, $27.5 million for the next five years and $30 million for the last five, Commercial Observer reported, citing a source.
Breguet’s space totaling 4,028 square feet is also now available for a 12-year sublease with an asking rent of $3,000, according to a source. The retailer, owned by Swiss watchmaker the Swatch Group, is moving to the base of the St. Regis Hotel, where it is taking 2,500 square feet.
Correction: An earlier headline suggested Breguet had closed the location; it remains open.