Foot Locker Re-Signs Lease for Smaller Flagship on West 34th Street
Footwear and sports apparel retailer Foot Locker has re-signed a lease to retain its flagship location at 112 West 34th Street between Avenue of the Americas and Seventh Avenue, according to The New York Post. However, it will be shrinking the size of the store by 25,785 square feet.
Though the Post noted that Foot Locker will be shedding square footage on the third floor, it has committed to 34,200 square feet at the property, where asking rents are $1,200 per square foot on the ground floor $250 per square foot on the second floor. The store now occupies 59,985 square feet.
Empire State Realty Trust’s Fred C. Posniak and Cushman & Wakefield’s Joanne Podell and Ian Lerner represented the building’s ownership, Empire State Realty Trust.
“Foot Locker’s decision to recast its lease and build a new multi-level flagship store underscores the retail power of 34th Street,” said Thomas P. Durels, the executive vice president and director of leasing and operations of ESRT, in prepared remarks.
JLL’s Rob Martin represented Foot Locker in negotiations. A spokesman for JLL did not immediately respond to a request for comment.
Today, Foot Locker has 3,473 retail stores in 23 countries around the world. Other locations in New York City include 159 East 86th Street, 1911-13 Third Avenue, 1530 Broadway, 268 West 125th Street and 150 East 42nd Street.