Brooks Brothers is back where it all began for the company: Lower Manhattan.
The clothing retailer signed a 10,000-square-foot lease with L&L Holding Company for a flagship store at 195 Broadway in the Financial District, the companies announced. The 10-year lease covers a portion of the ground floor and the cellar.
Brooks Brothers, which started in 1818 on Catherine and Cherry streets in Manhattan’s Two Bridges neighborhood, has two other locations in the borough. One is at Rockefeller Center, while the other is at the corner of Madison Avenue and 86th Street.
The store is expected to open in the spring. Asking rent at the property for the retail lease was not disclosed.
Cushman & Wakefield’s Alan Schmerzler represented the landlord in the lease negotiations, while CBRE’s Eric Gelber and Jordan Kapler represented the tenant.
L&L revamped the lobby in 2017 as part of a redevelopment of the property, including a 50,000-square-foot portion of the lobby open to the public. Other retail tenants attached to the property are Anthropologie and Nobu Downtown.
The 29-story, 1.1-million-square-foot office property features an office tenant roster including Gucci, Orchestra and Payoneer, which signed a 42,000-square-foot lease last year for the 27th floor, where the asking price was $57 per square foot.
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Prime retail space is difficult to find in Manhattan these days. In the third quarter, only 14.7 percent of such space was available, according to JLL, a record low for the borough. Only 202 retail spaces in Manhattan were available from July to September, a drop from 210 in the previous quarter.
Mall giant Simon Property Group and apparel licensing firm Authentic Brands Group purchased Brooks Brothers for $325 million in 2020. Shortly thereafter, Ken Ohashi was named chief executive officer; this year, Ohashi purchased a penthouse condo at 1 Grand Army Plaza in Brooklyn for $9.45 million.