SL Green Realty and Jeff Sutton have signed fashion giant Prada to an early renewal deal for its 20,000 square feet at 724 Fifth Avenue, SL Green said. The renewal will extend Prada’s lease by 15 years and keep them in the building through 2028.
Prada has just over 15,500 square feet of retail space spread out over four floors of the 12-story building, according to a release, and has 5,200 square feet of office space on the fifth floor.
The Prada lease was set to run out in 2017, but the landlords – which also jointly control the retail portions of 609 Fifth Avenue, 717 Fifth Avenue, 720 Fifth Avenue and, as of last week, 650 Fifth Avenue – capitalized on the strong demand for Fifth Avenue retail space to sign a deal ahead of time, according to SL Green executive Brett Herschenfeld.
“This early renewal is another great example of the power of the SL Green/Jeff Sutton partnership,” Herschenfeld said in the release.
In 2011, SL Green, Sutton and Stonehenge Partners bought the 724 Fifth Avenue building from real estate company David Frankel Realty as part of a 10-building, $400 million deal. – Hiten Samtani