February 25, 2019
Athleisure brand Lululemon has signed a 20,000-square-foot lease at the newly-renovated 592 Fifth Ave. at the corner of 48th Street. The retailer will double its flagship footprint when it relocates to the building from the Scribner Building across the street.
CBRE’s Michael Kadosh and Lon Rubackin represented the Singapore-based United Overseas Bank in lease negotiations. RKF‘s Jeremy Ezra represented Lululemon in the deal.
Landlord United Overseas’ recent repositioning of 592 Fifth, coupled with the property’s “prominent visibility and global exposure” along the Fifth Avenue retail corridor, made the space “extremely attractive to retailers,” said Kadosh. “Lululemon’s lease for a new, multi-level flagship store at 592 Fifth is a testament to how important of a role brick-and-mortar is to the overall success of retailers today.”
Constructed in 1911 as the Black, Starr & Frost Building, 592 Fifth is a 70,000-square-foot office property that is undergoing renovations by ownership.
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