SL Green Realty Corp. (NYSE:SLG) and partner Jeff Sutton today announced that Prada has renewed its lease for its New York City flagship store at 724 Fifth Avenue. The agreement will keep one of the world’s iconic fashion and accessory houses at the prime location through 2028. Prada occupies a total of 15,540 square feet of retail space on four levels, along with another 5,200 square feet of office space on the fifth floor of the building.
The SL Green/Sutton venture acquired the building in early 2012, as part of the partners’ successful strategy to invest in the city’s iconic retail locations. SL Green and Sutton also control interests in the retail condominium of 717 Fifth Avenue, 720 Fifth Avenue, 609 Fifth Avenue and the entire retail portion of 650 Fifth Avenue.
With the Prada lease scheduled to expire in 2017, the owners took advantage of the extremely strong demand for Fifth Avenue retail space to negotiate the early renewal and further enhance the property’s long-term value.
SL Green Senior Vice President, Brett Herschenfeld, commented, “This early renewal is another great example of the power of the SL Green/Jeff Sutton partnership. Our collaboration controls some of the greatest and highest-grossing retail spaces in the world, with a tenant roster to match.”
Mr. Herschenfeld continued, “We’re pleased to continue our relationship with Prada, one of the world’s great brands, at 724 Fifth Avenue.”
About SL Green:
SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2013, SL Green owned interests in 89 Manhattan properties totaling 42.3 million square feet. This included ownership interests in 23.9 million square feet of commercial properties and debt and preferred equity investments secured by 14.9 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests in 31 suburban assets totaling 5.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, along with three development properties in the suburbs encompassing approximately 0.4 million square feet. The Company also has ownership interests in 28 properties totaling 3.7 million square feet in southern California.