Leases  ·  Retail

Pandora Opening New SoHo Store Following HQ Relocation to Times Square

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Jewelry retailer Pandora will relocate one of its New York City outposts to 577 Broadway in SoHo, Commercial Observer has learned.

Pandora signed a 10-year lease for 2,743 square feet on the ground floor of Benjamin Partners’ building between Prince and West Houston streets, according to a source with knowledge of the deal. Asking rent was $1.1 million per year, the source said.

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The move is a relocation for the jewelry chain, but it’s unclear which of its existing Pandora locations will be leaving its current landlord. The nearest locations to the new space, which is expected to open in the spring of 2023, are 532 Broadway and 185 Greenwich Street.

Bob Gibson, Alexandra Sanoulis and Davie Berke of JLL (JLL) represented Pandora in the negotiations. Mike O’Neill, Taylor Reynolds and Jason Greenstone of Cushman & Wakefield (CWK) represented Benjamin Partners. C&W and JLL both declined to comment.

The Denmark-based brand started in 2003 and announced last week that it would be moving its North American headquarters from Baltimore to Times Square after signing a 15-year lease for 27,936 square feet across the entire 35th floor of 1540 Broadway.

Pandora plans to bring on 133 staffers for the new office in the HSBC and Edge Fund Advisors-owned building, CO previously reported.

It also plans to bolster its retail presence in the city by adding three more stores to its nine around the city, and inked a deal in November for 1,793 square feet at 112 West 34th Street in Herald Square.

Mark Hallum can be reached at mhallum@commercialobserver.com.