H&M’s sister label, & Other Stories, has signed a 10,915-square-foot lease at 575 Broadway. The Soho address will house the retailer’s first location in the United States and eighth worldwide.
The space carved out for & Other Stories is split between 7,215 square feet on the ground floor and 2,750 square feet on the lower level. The retailer expects to open for business at 575 Broadway later this year.
“This flagship location has incredibly strong neighboring retailers, and & Other Stories will benefit significantly from the heavy foot traffic that regularly passes through this area,” said Karen Bellantoni, an executive vice president with RKF, in a prepared statement. “With its distinctive cast iron columns and charming facade, this space will help differentiate & Other Stories as one of the more unique additions to the area.”
Ms. Bellantoni represented the landlord, 575 Broadway Associates LP, along with Robert Futterman, the chairman and chief executive of RKF, and Christopher Johnson, a senior associate at the firm. David LaPierre and Steve Sjurset of CBRE represented the tenant.
The H&M label will join Prada as a retail tenant at 575 Broadway. Last year, the Italian retailer agreed to pay over $1,000 per square foot for its retail unit in the building. Also known as 142 Mercer Street, the building is located on the northwest corner of Broadway and Prince Street.
RKF declined to comment on the asking rent and term of the deal.