NEW YORK CITY-CBRE is marketing a prime spot ofmulti-level retail space at 589 Fifth Ave., GlobeSt.com haslearned. Chase Bank, whose lease there ends October 1, 2012,currently occupies the 35,000 square feet of space.

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Jedd Nero, a CBRE executive vice presidentheading up the effort, tells GlobeSt.com that he anticipatesinterest in the space to reflect the growing popularity of retailslots on Fifth Avenue below 52nd Street—previously considered adistant second choice.

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He points to Zara, Tommy Bahama, Quicksilver and others thathave committed to spaces even below 49th Street, including a leasehe brokered for retailer H&M on Fifth Avenue and 42ndStreet.

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“All these other tenants shortly followed after they saw theirsuccess,” he says of those Fifth Avenue retailers, pioneers ofsorts. “And all of the ones that are there now have experienced thesame success, and the rents have increased over the last yearfairly dramatically and continue to do so.”

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This particular building, owned by Western ManagementCorp., sits on the southeast corner of 48th Street andFifth Avenue. The retail space becoming available consists of 7,000square feet on the ground floor, 10,500 square feet on both thesecond and third floors and an additional 6,700 square feet on thelower level.

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Nero says that “the space is phenomenal,” and points out that,since the building isn’t landmarked, the fa

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