Health attire firm Under Armour put 24,403 square feet of its delayed Fifth Avenue flagship on the former FAO Schwarz within the General Motors Building up for sublease, The Actual Deal first reported.
Beneath Armour put almost half of its 53,000-square-foot house at Boston Properties’ 767 Fifth Avenue on the sublease market earlier than it opened its doorways, the model confirmed.
An Beneath Armour spokesperson didn’t present any extra touch upon why it’s placing the retail house up for sublease.
Beneath Armour first signed on to take over the former FAO Schwarz space within the GM Constructing in 2016, beating out Nike for it, as Industrial Observer beforehand reported. The health model initially planned to open the Fifth Avenue flagship in 2019, nevertheless it was delayed and its debut was pushed again to the primary half of this yr, the Baltimore Enterprise Journal reported in 2018.
It’s unclear when and if Beneath Armour plans to open a retailer at 767 Fifth Avenue.
The coronavirus pandemic has been brutal for retailers, as manufacturers had been compelled to shutter their shops for months final yr and dozens filed for bankruptcy.
It’s additionally led to an ever-increasing glut of sublease space round New York Metropolis as corporations and types attempt to shrink their portfolios. Earlier this month, Bloomberg reported that JPMorgan Chase, the most important personal tenant of workplace house in Manhattan, wants to dump around 800,000 square feet of sublease space onto the market.
And Beneath Armour isn’t the one tenant within the GM Constructing attempting to dump house. Hedge fund York Capital Administration is looking to cut about 40 percent of its 50,000-square-foot office within the constructing, Bloomberg reported.
Beneath Armour has 15 years left on its lease on the GM Constructing, in line with a Cushman & Wakefield brochure for the house. The asking rents weren’t obtainable.
C&W’s Steven Soutendijk is advertising the house for Beneath Armour. A spokesperson for C&W declined to remark.