Asking rent was $1M per year when Body Shop occupied space
March 12, 2014
Footwear retailer Orva Shoes inked a 13-year lease for a full building in Midtown East.
The 6,000-square-foot property at 714 Lexington Avenue, between East 57th and East 58th streets and near Bloomingdale’s, formerly housed British beauty chain the Body Shop. Asking rent was $1 million per year when the Body Shop leased space there. Crown Acquisitions, Aurora Capital and Alex Adjmi own the four-story building. JTRE’s Jack Terzi represented Orva Shoes in the deal, while the landlords were represented in-house.
Fellow footwear chain Journeys grabbed 3,000 square feet on the ground floor and 3,000 square feet on the lower level at 34 West 34th Street in December, thus replacing Orva Shoes at that location, as previously reported. In addition, an industry source told The Real Deal that that Orva inked an eight-year deal for 5,000 square feet at Herald Towers replacing the restaurant KFC at 1286 Broadway, which is owned by Morris Bailey’s JEMB Realty, where the asking rent was $700 per square foot. Terzi represented both sides in the transaction. The location is across the street from JEMB Realty’s Herald Center, where H&M is moving to. — Mark Maurer