Dec
05
Nike Signs Blockbuster Lease on Fifth Avenue
ByThe sports apparel giant is set to open a huge flagship store on the southwest corner of West 52 Street, across from Cartier and Olympic Tower.
![650 Fifth Avenue](https://media.atre.yardi.com/2/53993/images/650_Fifth_2_design_D360.jpg?w=300&h=225)
New York—SL Green Realty Corp. last week secured one of the most expensive retail leases in the world’s most expensive retail corridor, in a 50-50 joint venture with Wharton Properties’ Jeff Sutton.
The partnership signed a 15-year lease for the entire retail portion at 650 Fifth Ave. with Nike, which had been exploring new location opportunities for at least three years. The lease starts at nearly $35 million and is worth a combined $700 million over the term, The Real Deal reported. Cushman & Wakefield represented Nike in the deal.
Nike will occupy 69,214 square feet of space covering seven floors at the 36-story office building that sits next to Rockefeller Center. According to the Commercial Observer, the sports apparel giant will pay $4,000 for the 7,000-square-foot ground floor…