About two years after Aritzia decided to relocate its Fifth Avenue flagship store, Tishman Speyer found a retail replacement at the Rockefeller Center.
Canadian outdoor apparel and equipment company Arc’teryx signed a lease for nearly 13,000 square feet at 600 Fifth Avenue in Midtown Manhattan, the New York Post reported. The company’s lease spans two floors and adds to a growing portfolio of locations in the borough.
Other details of the lease, including the term length and asking rent, were not disclosed. A representative for Tishman Speyer did not immediately respond to a request for comment from The Real Deal.
Arc’teryx is filling out space occupied by Aritzia, which has yet to make the long-expected move of its own down the block. The fashion retailer signed a deal in 2022 to relocate its flagship location to 608 Fifth Avenue, planning to expand from 13,000 square feet to 33,000 square feet.
Alo Yoga recently opened a flagship store at 600 Fifth Avenue. In 2022, the fitness brand signed a lease for 9,400 square feet to replace Ann Taylor. The company took possession of the space in May of that year, agreeing to pay $3 million annually for the space on a seven-year term.
The famed Fifth Avenue retail corridor endured struggles at the onset of the pandemic, but has since been bolstered by luxury shoppers. At the end of 2022, rents on the strip topped $2,000 per square foot and surpassed $2,5000 per square foot last year, creating the world’s most expensive shopping stretch.
Some luxury retail conglomerates have upped the ante for deals on Fifth Avenue, picking up their own real estate.
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Aritzia signs 15K sf lease in Flatiron
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Alo Yoga inks lease on Fifth Avenue
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How luxury shoppers are driving retail estate’s expansion
Kering, the French luxury group behind Gucci, Balenciaga and Alexander McQueen, recently bought the retail section of 715-717 Fifth Avenue for $963 million. Prada spent $835 million to buy the property housing its flagship store on Fifth Avenue, as well as an adjacent building.
French luxury goods conglomerate LVMH is also in discussions to purchase 745 Fifth Avenue.
— Holden Walter-Warner