Women’s fashion designer Tory Burch has found a long-term home for her Tory Sport activewear line.
Following last month’s opening of a pop-up store for the stand-alone sports collection at 257 Elizabeth Street, CO has learned that Ms. Burch signed a 10-year lease at 129 Fifth Avenue between East 19th and East 20th Streets, for the two-story, 8,987-square-foot retail unit previously occupied by Armani Exchange.
The deal is for the entire 4,047-square-foot ground floor and 4,940-square-foot lower level, according to Ross Cohen of Madison Capital, the owner of the retail co-op unit. He declined to cite the asking rent. The store is slated to open early next year.
“Tory Burch has become an iconic American lifestyle brand and we are excited to be working with them on the first permanent Tory Sport flagship store which is particularly well-positioned to capitalize on the Flatiron District’s strong retail activity,” said Madison Capital’s J. Joseph Jacobson in prepared remarks.
Laura Pomerantz of Cushman & Wakefield represented Ms. Burch and Amy Zhen of JLL marketed the space for Madison Capital. A C&W spokesman said Ms. Pomerantz couldn’t comment and Ms. Zen would only confirm she represented the landlord in the deal.
Madison Capital acquired the leasehold on the retail co-op unit for $10.4 million last summer.