Vans Seals Deal for Store in Meatpacking District
Skatewear apparel and shoe company Vans has signed a deal for a 2,000-square-foot store in the Meatpacking District, Commercial Observer can first report.
Vans took 2,000 square feet on the ground floor and 2,000 square feet in the basement (for storage) at 875 Washington Street between West 13th and 14th Streets, sources said. The lease is for five years with a five-year extension option, the sources said. The asking rent was $600 per square foot on the corner and $500 in-line.
JLL (JLL) represented Vans in the deal. A company spokesman didn’t respond to a request for comment. Cushman & Wakefield (CWK)’s Steven Soutendijk and Christopher Schwart represented the landlord, ASB Real Estate Investments‘ Allegiance Real Estate Fund, in the deal. A C&W spokeswoman didn’t immediately provide a comment, and nor did Colleen Hogan, a client service manager at ASB Real Estate Investments.
ASB Real Estate Investments, a division of ASB Capital Management, secured total ownership of the five-story 66,000-square-foot building in June 2017 when Thor Equities sold its less than 40 percent stake in the property to ASB, for a total building value of $130 million, sources told CO at the time. The partnership paid $96.5 million for the building in 2013.
Vans made headlines last November when it it signed a deal for an 8,573-square-foot store at the base of 530 Fifth Avenue between West 44th and 45th Streets.