Two retailers want out of 711 Fifth Avenue. Now comes the hard part

Ralph Lauren and Breguet, on the hook for a combined 53K sf, are looking to sublease

TRD New York /
Sep.September 07, 2017 12:02 PM

Ralph Lauren flagship at 711 Fifth Avenue (Credit: Getty)

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.

Last month, The Real Deal looked at how flagships stores will fare as consumers move away from brick and mortar stores. [CO]Miriam Hall

Correction: An earlier headline suggested Breguet had closed the location; it remains open. 


Related Articles

arrow_forward_ios
Fifth Avenue takes another hit: Tommy Hilfiger is leaving its flagship

Fifth Avenue takes another hit: Tommy Hilfiger is leaving its flagship

By the numbers: Fifth Avenue’s pricey retail rents have prompted luxury retailers to flee the tony stretch

By the numbers: Fifth Avenue’s pricey retail rents have prompted luxury retailers to flee the tony stretch

Thor Equities is in a very precarious position at 597 Fifth

Thor Equities is in a very precarious position at 597 Fifth

Versace joins slew of retailers leaving Fifth Avenue

Versace joins slew of retailers leaving
Fifth Avenue

Gap to close Fifth Avenue location next year

Gap to close Fifth Avenue location next year

Manhattan’s turbulent leasing market, Brooklyn’s bubble and more of the biggest trends in CRE right now

Manhattan’s turbulent leasing market, Brooklyn’s bubble and more of the biggest trends in CRE right now

Hamptons Cheat Sheet: Ralph Lauren buys another $20M Montauk mansion, Wainscott estate lists for $25M … & more

Hamptons Cheat Sheet: Ralph Lauren buys another $20M Montauk mansion, Wainscott estate lists for $25M … & more

After 123 years, Henri Bendel is closing. And it’s leaving a lot of retail space behind

After 123 years, Henri Bendel is closing. And it’s leaving a lot of retail space behind

arrow_forward_ios