PacSun takes retail space in SoHo for NYC debut

California brand inks deal for 503 Broadway, site of record deal in 2015

Mar.March 06, 2020 09:45 AM
503 Broadway (Credit: Google Maps; Getty Images)

503 Broadway (Credit: Google Maps; Getty Images)

West Coast surf wear and lifestyle brand PacSun is making a splash in Soho.

The California-based retailer inked a short-term lease for 10,000 square feet to open a store at 503 Broadway, between Broome and Spring streets, Commercial Observer reported. The asking rent was $450 per square foot, according to JLL, which represented PacSun in the deal. Cushman and Wakefield negotiated the deal for the landlord, Vincent Fung.

The SoHo store will be the youth-oriented brand’s first in New York, save for a brief pop-up in 2013.

Galician fast-fashion brand Zara occupies the cellar, ground and second floors of the landmarked, cast-iron building. Old Navy ditched the space in 2014, and the following year, Zara purchased the retail condo for a reported $280 million, apparently setting a record in the trendy neighborhood.

But a year later, steep rents in Soho were contributing to a high vacancy rate. A quarter of stores were vacant in 2016.

That was also not a good year for PacSun, which went into bankruptcy and was purchased by Golden Gate Capital. The private equity firm merged the beachy brand with Eddie Bauer in 2018. [CO] — Georgia Kromrei

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