Lease Beat

CBRE Reports Significant Growth in Six Major Manhattan Retail Corridors

589-fifth-avenue

Six of 11 prime retail corridors in Manhattan enjoyed substantial rent increases during the third quarter, according to a report released yesterday by CBRE Group Inc. Herald Square witnessed the largest quarter-to-quarter increase at 30 percent, with Downtown Manhattan following closely behind at 28 percent. Perennial retail heavyweights Fifth Avenue and Times Square (both up 23 percent) also surged.

Retail specialists are keeping a close eye on the stretch of Fifth Avenue between 42nd and 49th Streets. International apparel giant H&M signed for a 57,000-square-foot store–its largest in the world–at 589 Fifth Avenue, in one of the quarter’s biggest transactions. (The Swedish company also leased 42,500 square feet at 4 Times Square.) “Fifth Avenue has been and will continue to be a major draw for tourists,” said Jedd Nero, the executive vice president of CBRE Retail Services. Read More

Lease Beat

Gemological Institute Leases 20,400 Square Feet in the Fred F. French Building

The Fred F. French Building (Photo: Curbed)

The International Gemological Institute has signed a 10-year, 20,400-square-foot lease at 551 Fifth Avenue in the Diamond District—the Art Deco tower known as the Fred F. French Building.

IGI’s president and chief executive, Jerry Ehrenwald, estimates that the new space offers about 15 percent to 20 percent more usable space than the institute’s current location at 589 Fifth Avenue. The building’s Read More

Lease Beat

World’s Largest H&M En Route to 589 Fifth Avenue

589 Fifth Avenue.

H&M has designs on 589 Fifth Avenue. In what was a pretty closely-guarded secret, the retailer said last week that it has signed a 57,000-square-foot lease at the building, for what will be its flagship store. It will occupy six floors in the building—the ground through fifth floors, in addition to space below grade level. Read More