The Real Deal New York

Back in Manhattan: Puma inks 24K sf lease deal at SL Green’s 609 Fifth Avenue

Sportswear company had previously been rumored to be looking at 592 Fifth
By Eddie Small | May 17, 2018 11:00AM

609 Fifth Avenue and Puma CEO Bjørn Gulden

Puma is returning to Manhattan—but about one block away from where previous rumors had placed it.

The German sportswear company has inked a 15-year lease for 24,000 square feet across three floors of SL Green Realty’s building at 609 Fifth Avenue, according to the real estate investment trust. This will be Puma’s only store in Manhattan.

The price of the lease was not immediately clear, but the most recent quarterly report from Cushman & Wakefield pegged retail asking rents on Fifth Avenue between 49th and 60th streets at an average price of $2,982 per square foot.

SL Green is renovating the building, which includes relocating the office lobby from Fifth Avenue to 49th Street.

Robert Gibson and Greg Covey of JLL represented Puma in the deal, while a Cushman & Wakefield team led by Steve Soutendijk represented SL Green.

Puma was previously in talks for a new store at 592 Fifth Avenue, an 11-story building owned by United Overseas Bank and located just a block away from 609 Fifth Avenue. The famed shopping corridor is also home to Adidas at 565 Fifth Avenue and Asics at 579 Fifth Avenue.

Puma once had stores at 421 West 14th Street, 33 Union Square West and 521 Broadway, but all of those have closed. It still maintains a store in Elmhurst, Queens at the Queens Center.