TUMI is still unpacking its bags at its new headquarters at 16 East 34th Street, but the luggage company recently signed a deal for a showroom and retail space next door.
PGIM Real Estate signed TUMI to a 5,200-square-foot lease at 25 East 34th Street in Midtown South, Newmark announced Wednesday. Terms of the long-term lease, which was first reported by Crain’s, were not disclosed.
The space, which is the ground-floor retail component of 180 Madison Avenue, will be a departure from previous TUMI retail outlets. The three-level store will include interactive elements, including a viewing area and photography studio, as well as a demo table, magnetic wall and personalization bar.
The store is expected to open in the spring. The company took possession of the space last month, according to Crain’s. It was previously occupied by Guy & Gallard, a fast-casual restaurant chain.
Newmark’s Ross Kaplan represented PGIM in the lease. A Cushman & Wakefield team including Jonathan Serko and Jonathan Schindler represented TUMI.
The luggage brand in July signed a 20,000-square-foot lease for its headquarters at 25 East 34th Street. The duplex serves as executive offices for the company, as well as another showroom for its products.
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The company is one of the fastest-growing chains in New York City, the Center for an Urban Future, said in a recent report, citing how the retailer added 11 stores to its city portfolio in the past year.
SL Green purchased the property at 180 Madison Avenue in 2000 for $41 million; it’s now owned by the Clarett Group. In 2017, New York University signed a lease for 58,000 square feet and committed to leasing an additional 41,000 square feet to serve as an NYU Langone research facility.
While the picture varies by corridor, Manhattan retail rents have stagnated despite an uptick in foot traffic. Only five of the 16 corridors tracked by the Real Estate Board of New York saw average asking rents increase from the spring to the fall, while nine experienced declines.