Fashion company Bestseller inks lease for showroom in Soho

Company will be on the fourth floor of Midwood’s 96 Spring Street

TRD New York /
Jul.July 02, 2018 02:35 PM

Bestseller’s Anders Holch Povlsen and 96 Spring Street (Credit: LinkedIn and Google Maps)

The Danish clothing company Bestseller is moving its showroom to Soho.

Bestseller is relocating from its space in the Garment District at 530 Seventh Avenue to Midwood Investment and Development’s 96 Spring Street, according to Midwood. The fashion company will occupy 7,400 square feet on the fourth floor of the building and plans to use the space as a showroom to display products to its wholesale clients.

The asking rent for the lease was $85 per square foot. JLL’s Randy Abend and Clark Finney represented Midwood in the deal, while Joe Mastromonaco and Fritz Kemerling of the Dartmouth Company represented Bestseller.

Bestseller’s location in the Garment District opened in 2015 and was the company’s first U.S. showroom.

Alo Yoga, an athleisure store, inked a lease for 14,000 square feet in the Soho building in November. Their asking rent went for $850 per square foot on the ground floor and $85 on the second floor. Midwood purchased the property at 96 Spring Street in 1998 for an undisclosed price. The building was the longtime home of menswear retailer Ben Sherman, but it left in 2016 when its lease expired. It was also home to a Google pop-up store, where the tech company showed off products like its Pixel smartphone and virtual-reality headset.

Soho has been hit hard by the well-publicized struggles of retail. An analysis last year by The Real Deal found that about 900,000 square feet of retail space worth about $940 million was vacant in the neighborhood.

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