BOSTON-Hoping to gain a higher profile image for its fashions, a New York City retailer has leased 20,000 sf of space on two floors on Newbury Street. H&M will open its newest store at the Newbry at 501 Boylston St. on the corner of Clarendon and Newbury streets this spring under a 10-year lease agreement with building owner 501 Boylston Properties LLC, an affiliate of Beacon Capital Partners.
"In New York, they have a great high fashion image," Andrew LaGrega, a principal with the Wilder Cos., which represented the owner, tells GlobeSt.com. "In New England, the market hasn't recognized them as being the high fashion, European nameplate that they are." David Tricarico, with Cushman & Wakefield's New York City office, represented the tenant.
The retailer joins several other national names in the 650,000-sf Back Bay building, including Guess and Victoria's Secret, which have signed leases for about 7,000 sf. Boston Sports Clubs also recently signed a 15-year lease to open a flagship health club at the site. The recently renovated building, which takes up an entire city block between Clarendon and Dartmouth streets with frontage on Boylston, Newbury and Clarendon streets., offers 150,000 sf of retail, all but about 30,000 sf of which is leased. There is also 470,000 sf of fully occupied of class A office space.
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