Fashion retailer Alexander McQueen has signed a 15-year lease for retail space at 747 Madison Avenue totaling approximately 3,400 square feet, it was announced yesterday. The tenant is expected to move into the space during the third quarter, according to a statement from SL Green (SLG), part-owner of the retail co-op.
A joint venture, which also includes Jeff Sutton and Harel Insurance Company in addition to SL Green, acquired the retail interest in September 2011. A second-floor residential co-op unit was subsequently acquired for redevelopment and ceiling height expansion.
Additional retail space, adjacent to the Alexander McQueen space, at the corner of 65th Street and Madison Avenue, is currently available for lease.
“The acquisition and repositioning of 747 Madison is a classic SL Green/Sutton initiative to unlock significant potential value from a prime retail location,” said Andrew Mathias, president of SL Green, in a statement. “We believe the Alexander McQueen lease announced today confirms that our vision for this property was right on the mark, and we look forward to continuing our efforts to complete the lease-up next door.”
Also yesterday, SL Green announced 35 offices leases in Manhattan, totaling 457,677 feet, were signed in the first two months of 2013, surpassing the totals for the first quarter of 2012.
Susan Kurland of CBRE (CBRE) brokered the deal. Calls to SL Green were not immediately returned.
