Gucci inks longer term lease in Soho

Gucci has extended its lease in Soho for at least 10 years.

The company signed a short-term lease at 375 West Broadway last year, its first location in the neighborhood. Now, Gucci has extended its lease in the 10,000-square-foot space for a decade or more, Crain’s reported.

The details of the lease were not immediately available, but asking rents in Soho in the third quarter were an average of $417 per square foot, according to Cushman & Wakefield.

Another retailer, Woolrich, also expanded its footprint in Soho this week. The company inked a 10-year lease for 121 Wooster Street, an 8,000-square-foot space next to its current location.

Earlier this year, local officials began putting together a proposal to change Soho’s zoning to allow more ground-floor retail and residential use. [Crain’s] — Kathryn Brenzel