Athleisure Brand Vuori Grabs Fifth Avenue Retail Space After Allbirds Takes Flight
By Abigail Nehring April 22, 2024 11:10 am
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Allbirds flew too close to the sun during its pre-pandemic glory days and plans to shutter up to 15 retail locations this year, including its 8,000-square-foot flagship at 120 Fifth Avenue.
But not long after the eco-friendly footwear brand bids adieu, most of its Fifth Avenue space is already spoken for, Commercial Observer has learned.
Activewear brand Vuori signed a 10-year lease for 4,500 square feet on the ground floor of the 11-story Flatiron District building at the corner of West 17th Street and Fifth Avenue, according to landlord The Bromley Companies.
A spokesperson for Bromley did not disclose the asking rent, but average asking rent on Fifth Avenue between West 14th Street and Madison Square Park was $417 per square foot in the first quarter of 2024, according to a CBRE report.
The decade-old athleisure brand has 58 stores in the United States, London and Shanghai, according to its website. The Fifth Avenue location will be its third in New York City after Vuori opened its doors at 1153 Madison Avenue and 106 Spring Street.
Founder Joe Kudla hopes to make the brand a household name, and is considering an initial public offering later this year, Bloomberg reported.
Allbirds, for its part, was only two years into its lease at the corner retail unit, which spans the ground floor and lower level of the 70,000-square-foot office building. It’s unclear when Allbirds shuttered its Flatiron store. A spokesperson for the company did not respond to a request for comment.
The corner property is connected to the larger 122 Fifth Avenue, a 300,000-square-foot building also owned by Bromley.
“Our two-building office redevelopment sits at the intersection of health and wellness, and we’re thrilled to welcome Vuori as a part of this ecosystem,” Bromley CEO Nicholas Haines said in a statement. “Vuori’s brand intention to blur the lines between different aspects of life is exactly what we’re trying to achieve at our buildings.”
Ripco Real Estate’s Richard Skulnik and Lindsay Zegans arranged the deal for Vuori while Bromley was represented by Cushman & Wakefield (CWK)’s Alan Schmerzler, Sean Moran and Patrick O’Rourke.
“Flatiron was a targeted market for Vuori’s expansion,” Zegans said in a statement. “We kept a careful eye on finding the perfect corner opportunity in the area.”
And the clothing store will make for a “perfect mix” with the existing businesses on the block, Zegans added.
A spokesperson for C&W did not immediately respond to a request for comment.
Abigail Nehring can be reached at anehring@commercialobserver.com.
