Priscilla, which operates 12 stores and also wholesales tospecialty boutiques, plans to be open by the end of this year onthe second and third floors of the six-story, 20,323-sf buildingwhich has two addresses, 185 Post and 170 Grant. In addition toDeBeers, Priscilla will be co-tenants with Fugazi Travel (fourthfloor) and developer City Center Retail (sixth floor).

|

Priscilla's negotiated lease rate was not released by theparties involved, however; generally speaking, and depending onwhether the tenant is office or retail, the upper floors in awell-located Union Square retail building lease for 15- to 20% ofwhat it would be to lease street-level space, which generallyranges from $350- to $450 per sf, local retail brokers have toldGlobeSt.com.

|

Grosvenor acquired the building in 2005 for $11 million. Theseller, Prada, acquired the building in 1996 with plans to open amulti-level flagship at the location, but the project nevermaterialized, according to local industry sources. Grosvenor'srenovation included a seismic upgrade. The cost of the renovationwas not immediately available.

|

Grosvenor owns two other Union Square buildings, both of whichare also older, multi-story buildings anchored by retail tenants.The other buildings are 180 Post Street and 251 Post Street.

|

In other Union Square retail news, Joe's Jeans Inc. recentlyinked a lease for the first floor of 239 Grant St. The 1,533-sflocation will be home to its second full price branded store.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.