Gymshark Taking Over Entire 15K-SF 11 Bond Street for First U.S. Location
By Amanda Schiavo February 19, 2025 1:22 pm
reprints
Cue the “Jaws” theme music.
Gymshark, a U.K.-based fitness apparel company, is swimming over to Manhattan to open its first brick-and-mortar location in the country at RFR’s 11 Bond Street, the building owner announced.
The company signed a 15,000-square-foot lease for the entire NoHo building at 11 Bond, according to RFR.
The length of the lease was described only as “long term” by a source close to the deal. Asking rent was $3.5 million per year, the source said.
“There is no benchmark for Gymshark,” CBRE (CBRE)’s Joel Stephen, who represented Gymshark, told Commercial Observer via email. “As they enter the market through physical retail, they already have a major platform in the U.S. with a significant online business and an incredible following through social media, influencers, and their iconic lift events. Their physical stores in Europe have been vastly successful. 11 Bond Street is such a cool building to announce a physical launch into the U.S.”
Gymshark was started in 2012 near Birmingham, England, by Ben Francis by selling exercise apparel online. It later moved on to in-person events and pop-ups before opening its first shop in London in 2022. Gymshark currently has two spots in London, a store in Dubai, and is planning locations in Manchester and Amsterdam.
“The journey from direct to consumer to omnichannel dominance requires an enduring brand with a devoted following,” Retail by MONA’s Brandon Singer, who represented RFR, said in a statement. “Gymshark checks those boxes with its popular product offering and widespread brand recognition. 11 Bond is the perfect backdrop to amplify the firm’s passion for community engagement.”
RFR acquired 11 Bond Street — a five-story building near the corner of Bond and Lafayette streets that was built in 1913 — from CP Capital for $19.8 million and embarked on a top-to-bottom renovation to convert the building for commercial retail use. And the lease is a bright spot for RFR, which has faced a wave of defaults throughout its portfolio in recent months and officially lost control of the Chrysler Building last month.
“11 Bond offers a prestigious address with a beautiful physical presence at the crossroads of New York City’s most desirable and well-trafficked shopping destinations,” RFR’s Charlie Rosen said in the statement.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
