A furniture company from Down Under will soon make its first U.S. appearance in San Francisco’s Union Square.
Coco Republic, a home furnishings firm based in Australia, has leased 53,000 square feet in the National Center Building at 55 Stockton St., the San Francisco Business Times reported.
The company will take over the basement through the third floors in a space formerly occupied by Crate & Barrel, which vacated the building in March.
Coco Republic, which has 14 stores in Australia and New Zealand, expects to open its first store in the U.S. this summer.
The 130,000-square-foot, mixed-use National Center Building, constructed in 1988, is owned by Zaber Corp., according to the Business Times. It’s led by director and Chief Financial Officer Stephen Mong, a founder and managing director of Orien Capital Management, a hedge fund based in New York.
Cushman & Wakefield Executive Vice Chairman Kazuko Morgan represented both the landlord and the tenant in the deal. Terms of the lease were not disclosed.
Furnishings from family-owned Coco Republic were once sold through furniture retailer H.D. Buttercup, based in Los Angeles.
In October, Los Angeles-based Story3 Capital Partners gained a majority stake in both retailers, positioning the Australian brand for global expansion.
“Coco Republic’s luxury style, product quality and design services fill a void for affluent and aspiring younger, more contemporary consumers,” Story3 Managing Partner Peter Comisar said in a statement.
The Coco Republic lease follows recent retail debuts around the city, including the Union Square launch of luxury French jeweler Van Cleef & Arpels and the opening of an 80,000-square-foot RH design gallery near Pier 70 in the Dogpatch.
Earlier this year, Union Square also saw a $63-million frontage building acquisition from Chanel, while Yves Saint Laurent leased space for a 12,300-square-foot flagship store on Grant Avenue.
Saatva, an e-commerce mattress company, opened its first West Coast store in March at a 6,000-square-foot shop on Post Street. Other home furnishing stores from H.D. Buttercup, Design Within Reach and Terra Outdoor Living might also be in the works.
On the downside, DSW pulled up stakes from Union Square late last year after nearly a decade of doing business in San Francisco.
[San Francisco Business Times] – Dana Bartholomew
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