LOS ANGELES-Zara, a global leader in contemporary fashion and retail, has recently signed a ten-year lease to open a 27,000-square-foot flagship store in Brookfield Office Properties' FIGat7th. The agreement marks the third largest retail lease in downtown Los Angeles during the past two decades. Zara's new store is expected to open in Spring of 2014, and will showcase the brand's trend-setting fashions for men, women and children within its signature store architecture and design.
Zara's selection of FIGat7th as a flagship location for its contemporary fashions puts the global retailer in the heart of Los Angeles' trend setting city center, accessing a market demographic that spans the district's upwardly mobile residents, urban professionals, and college students, plus a host of convention, cultural and entertainment visitors to downtown. These customer demographics are at the core of Zara's unique business model, which includes proprietary fashion design, production, distribution and sales through an extensive retail network under the Inditex Group family of brands. Zara's flagship store at FIGat7th is expected to employ 60 people.
“Zara is one of the world's largest and most respected fashion retailers,” said Ed Hogan, national director of retail leasing for Brookfield. “Their commitment to open a flag ship store in the heart of downtown LA is a defining moment for the future of retail in downtown LA. The combination of Downtown LA's world class dining with a vibrant fashion district will accelerate the growth of downtown as a place to live, work and visit.”
In the Zara lease agreement, the fashion retailer was represented by Jeffrey Paisner of Ripco Real Estate. In addition to Ed Hogan, Brookfield's retail leasing team includes Liz McLay and Mary Tsionas both of who play an integral role in securing leases at FIGat7th. Charles Dunn's senior managing directors, Kevin Dee and Ted Slaught, are the exclusive retail-leasing agents for FIGat7th, and represented Brookfield in the lease agreement.
Brookfield Office Properties owns, develops and manages premier office properties in the United States, Canada, Australia and the United Kingdom. Its portfolio is comprised of interests in 110 properties totaling 81 million square feet in the downtown cores.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
