Ted Baker, the high-end clothing retailer, will open a flagship store at 595 Fifth Avenue, it was announced today.
The U.K.-based company signed a long-term net lease for 12,000 square feet at the corner of 48th Street and Fifth Avenue, just down from retail icon Saks Fifth Avenue. Ted Baker will use three of the five floors of the building, which they will rent in its entirety, for retail, while the balance are for office and showroom uses. Just a block from high-profile tenants Michael Kors and LaCoste, the space could command up to $2000 per square foot, sources not affiliated with the deal speculated.
It is also a boon for this block, extending the uniform luxury of the Gold Coast (the 50’s on Fifth Avenue) further south, as Ted Baker will replace a Sprint store. The store is expected to open in summer of 2012.
The British clothier stood out to the landlord because of its willingness to re-make the entire space at their own expense, said Andrew Kahn, of Cushman & Wakefield, who represented ownership with colleague Jonathan Scibilia.
“It’s so close to the center of everything, that a corner position like this [address]… is attractive to almost everybody. Ted Baker had an immediate vision and moved at an exceptionally fast pace,” said Mr. Kahn.
Ted Baker has two other New York City instantiations–at 107 Grand Street, in Soho, and 32-34 Little West 12th Street, in the Meatpacking District.
Mr.Kahn and Mr. Scibilia represented the landlord, a family investor, while Laura Pomerantz and Betty Ende of PBS Real Estate represented the tenant.