Eileen Fisher has renewed and expanded its lease at 111 Fifth Avenue. The retailer has signed a 15-year lease, adding the entire 19,000-square-foot sixth floor.
Asking rents for lower Fifth Avenue are in the low $60s per square foot, according to David Falk, president of the New York Tri-State region at Newmark (NMRK) Grubb Knight Frank, who represented the tenant. Eileen Fisher will now occupy a total of 62,000 square feet in the building.
The retailer looked at alternative sites, but preferred to expand in its current location, Mr. Falk noted. “They like 111 Fifth a lot, they had beautiful showroom space there,” he said.
The leasing team approached the building’s ownership, the Winter Organization, about expanding in the building and was offered a floor which was coming available. “It was a no brainer to say: ‘Let’s just expand in the building’,” Mr. Falk said.
Eileen Fisher will take possession of the sixth floor and after a build out will likely occupy the space by early 2014, according to Mr. Falk.
The lease was first reported earlier today by the New York Post. The tenant’s representation team also included Daniel Levine and Aaron Cukier of NGKF, according to the Post report. The Winter Organization was represented in-house by Rob Fink.
