Abercrombie and Lululemon Moving to New Digs in SoHo
By Larry Getlen September 12, 2025 2:27 pm
reprints
Commercial Observer has learned that Abercrombie & Fitch will be taking over the space currently occupied by Lululemon at 520 Broadway in SoHo, while the high-end yoga-focused retailer will expand into a larger space at 524 Broadway. Both deals were signed in late 2024 but have gone unreported until now.
According to a source familiar with the deals, Abercrombie & Fitch was represented by Erin Grace and Hilary Sievers at JLL while Lululemon was represented by Jeremy Ezra at Newmark. The same source said that Steven Soutendijk at Cushman & Wakefield represented Northwood Investors, which owns both buildings, on both leases.
Abercrombie & Fitch will occupy about 16,000 square feet over 520 Broadway’s lower three floors and its basement, and will take over the space in mid-2026. Lululemon will occupy around 19,000 square feet at 524 Broadway over the ground and second floors, and will open in its new location in October.
The lease durations and asking rents were unavailable, but a Cushman & Wakefield retail report for the second quarter of 2025 puts the average annual asking rent in SoHo at $388 per square foot, a 6.3 percent increase from the previous year.
Just this week, Northwood secured a $230 million loan from Barings to refinance the two properties, according to reporting in Commercial Observer. Both buildings are on or near the corner of Broadway and Spring Street.
While public records refer to the 11-story buildings as two separate entities, a Northwood webpage for the buildings treats them as one, citing 520-524 Broadway as a 234,000-square-foot office and retail asset. Listed tenants include Balthazar, Marc Jacobs, WeWork and Resy.
Northwood Investors acquired both buildings in 2021 from the Propp family for $325 million, having secured $227 million in acquisition financing from Ares Commercial Real Estate in June 2021 for the purchase in the form of a floating-rate loan, according to CO.
Northwood Investors, Abercrombie & Fitch and Lululemon did not immediately respond to requests for comment.
Larry Getlen can be reached at lgetlen@commercialobserver.com.
