Primark is putting down roots in Manhattan for the first time.
The Ireland-based fashion retailer is leasing 79,000 square feet at Vornado Realty Trust’s 150 West 34th Street in Herald Square, the Commercial Observer reported. The company is poised to take over the space — which includes 54,000 square feet for a flagship store — next year, planning an opening in 2026.
The asking rent for the property was $10 million. CBRE’s David LaPierre guided Primark through the lease negotiations.
The lease was first reported by Women’s Wear Daily.
A stone’s throw away from Penn Station, the Primark will face heavy competition from other fashion-forward retailers in the corridor. Within the same block stretch are storefronts for Macy’s, Urban Outfitters and H&M.
Old Navy was the previous tenant at the property; the retailer’s 78,000-square-foot lease expired this year. When Old Navy renewed its deal with Steven Roth’s firm, the real estate investment trust eliminated further renewal options after its five-year deal was up. On an earnings call, Roth said the move would keep development options open.
Vornado acquired 150 West 34th Street for $355 million in 2015. The purchase came only a year after Starwood Capital Group and Crown Acquisitions bought it for $252 million.
Primark has been making inroads in New York City’s outer boroughs for years. In 2021, the company took 70,000 square feet at Acadia Realty Trust and Washington Square Partners’ City Point development in Downtown Brooklyn. Last year, Primark tacked on a 55,000-square-foot lease at Macerich’s Queens Center mall in Elmhurst, which is set to open this year.
Retail availability in Manhattan hit a record low in the third quarter, according to a report from JLL. Only 14.7 percent prime retail space was available, a total of slightly more than 200 spaces.
Read more
Commercial
New York
Old Navy renews 78K sf lease on 34th Street. But the retailer won't be staying long.
New York
Vornado buys Herald Sq. Old Navy for $355M: sources
Commercial
New York
Irish retailer Primark takes 70K sf at City Point