Leases  ·  Retail

GU Takes Forever 21 Spot in 25K-SF Lease at 568 Broadway

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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.

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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.