Zara signs up for 15,000 s/f on Fifth - Brief Article

Real Estate Weekly, Jan 28, 2004

Retailer Zara has signed a long-term lease for a 15,000-square-foot flagship store at 689 Fifth Avenue, at the Northeast corner of 54th Street.

In one of the 2003's most significant retail leasing transactions, the deal will bring one of the most popular international retailers to one of the most expensive retail comers in the world.

Zara's sells women's, men's and children's clothing, accessories and home products. The trendy, yet affordable label has over 500 stores in 46 countries, including four in Manhattan.

"The corner retail space is undergoing a substantial exterior facade renovation," explained Lansco Executive Managing Director Jeffrey C. Paisner, who was Zara's sole representative broker in the transaction.

"This will be a spectacular three-level space situated at the heart of one of the world's greatest shopping corridors." Negotiations on behalf of the landlord, Vornado Realty Trust, were handled in-house.