GU Takes Forever 21 Spot in 25K-SF Lease at 568 Broadway
The Japanese fashion retailer GU, a sister brand to Uniqlo, just landed a 25,000-square-foot ground-floor lease at 568 Broadway in a spot previously occupied by Forever 21.
The retailer, which has some 450 stores in Asia, originally had a pop-up at the address. According to the Japan Times, GU revealed a strategy in 2022 for a major push into North America by more than doubling its retail footprint to 200 stores over the next three years.
Despite the fact that Forever 21 closed, 568 Broadway, aka The Prince Building, has seen activity in its office part over the last year, with ZocDoc renewing its 50,000-square-foot lease in June. The building — which is owned by Allied Partners, Midtown Equities, Aurora Capital Associates and A&H Acquisitions — also includes tenants like Group Nine Media and Milk Agency, an advertising firm.
While the exact rent was not revealed, asking rent was $3.5 million per year.
Cushman & Wakefield (CWK)’s Alan Schmerzler represented GU on the deal and did not return a request for comment.
The owners were represented in-house by Aurora’s Jared Epstein and Jake Bank. Aurora declined to comment.
Max Gross can be reached at mgross@commercialobserver.com.
