Bromley Signs First New Tenant to 120 Fifth Avenue in 30 Years
By Mark Hallum January 11, 2022 4:10 pm
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Allbirds signed an 8,000-square-foot lease deal with The Bromley Companies at 120-122 Fifth Avenue in the Flatiron District, Cushman & Wakefield announced.
The clothing and shoe company will be moving into the two-floor space at the Bromley building after The Gap moved out in the summer of 2021 after nearly 30 years. The retail space on West 17th Street and Fifth Avenue will serve as Allbirds’ U.S. flagship store via what C&W described the lease as a “long-term” arrangement.
C&W’s Alan Schmerzler, Sean Moran and Pat O’Rourke represented the landlord in the transaction while Allbirds was represented by Matthew Seigel and Skye Taylor of Lantern Real Estate Advisors + Partners.
“As generational owners of 120 and 122 Fifth Avenue, we are deeply invested in creating the most compelling spaces for our tenants to thrive, and we believe Allbirds represents one of the most compelling omnichannel retailers today,” Peter Tong, senior vice president at Bromley, said in a statement.
C&W said the asking rent was $350 per square foot.
“Allbirds was seeking another true global flagship to build on the success of its existing locations on Spring Street in SoHo and Columbus Avenue on the Upper West Side,” Schmerzler said in a statement. “This transaction continues to highlight the Union Square/Flatiron District as a key submarket for retailers.”
The sudden vacancy left by The Gap marked the first time in four decades that the retail location had been empty, having been home to the first Barnes & Noble superstore in the nation prior to the clothing store coming to the Flatiron.
Lantern Real Estate Advisors + Partners did not immediately respond to a request for comment, and Allbirds declined to comment.
Mark Hallum can be reached at mhallum@commercialobserver.com.
