SL Green buys out prime lease at 650 Fifth Avenue
New York — SL Green Realty Corp. and partner Jeff Sutton have entered into an agreement to buy out the lease of retailers Juicy Couture at 650 Fifth Avenue. The transaction will enable the leasehold owners to combine Juicy Couture’s existing basement, grade-level and second floor retail space with additional vacant space on the third floor and accelerate the partnership’s ability to reposition the building’s premier retail corner location.
The move follows the SL Green/Sutton joint venture’s recent acquisition of a 49-year leasehold interest covering the entire retail portion of 650 Fifth Avenue.
Chicago hospital opens retail and dining development
Chicago — Northwestern Memorial Hospital has completed the first phase of “Shop & Dine Northwestern,” a 70,000-sq.-ft. retail and restaurant development. The new facilities feature Chicago-based healthy quick service, fine dining and specialty retailers throughout the medical campus, which stands just one block east of Michigan Avenue’s Magnificent Mile shopping district. Ranked sixth on U.S. News & World Report’s honor roll of “America’s Best Hospitals,” Northwestern plans to begin a second phase of redevelopment in 2014.
An estimated 25,000 people work at Northwestern’s medical campus, and an estimated 13 million tourists, patients, workers, guests and residents walk across the campus during the year, said Kathy Lin, managing partner of KHL Retail, which advised the hospital on the retail redevelopment.
“Urban hospitals are a largely untapped growth area for retailers,” continued Lin. “Northwestern Memorial Hospital is particularly attractive because of its huge daytime population of staff, visitors, patients and volunteers as well as its location in a fast-growing residential neighborhood near one of the world’s most popular retail destinations.”
Phase One Project highlights include:
- Creation of new street-facing retail spaces including Chicago-based Italian fast casual Sopraffina Marketcaffe and Cicchetti, a new full-service restaurant from The Rosenthal Group, which will feature one of the largest outdoor dining spaces in Chicago (opening December 2013).
- Redesign of the main second floor concourse to include new retail storefronts and updated common areas.
- Addition of several new Chicago-based dining concepts including Saigon Sisters, Protein Bar and Greek Kitchen.
- Relocation and storefront redesign of existing tenants including Pulse Gift Shop, Barbara’s Bookstore and Au Bon Pain.
- Redevelopment and expansion of Walgreens to become one of their new retail flagship prototype stores with greater emphasis on consultation and health (opening August 2014).
Many of the new retail spaces are open and operating. Phase II leasing is underway and encompasses an additional 17,000 sq. ft. of retail in the new one-million-sq.-ft., 24-story Outpatient Care Pavilion adjacent to the hospital. Slated to open in the fall of 2014, ground floor leases have already been signed with several concepts including LYFE Kitchen from chefs Art Smith and Tal Ronnen; Stan’s Doughnuts, a popular California destination debuting in Chicago in partnership with artisan baker Rich Labriola; and Cosi.
Additional phases are planned for the years ahead.
New Nordstrom Rack opens in Houston spring 2014
Seattle – Nordstrom will open a Nordstrom Rack at Village Plaza at Bunker Hill in Houston. The 30,357-sq.-ft. store is scheduled to open in spring 2014.
The first Houston Rack store opened at The Centre at Post Oak in 2010, and the Bunker Hill Rack will be the third Rack in four years to open in the area. Nordstrom first came to Houston with a full-line store at The Galleria in 2003. The company will open its second Houston full-line store at The Woodlands Mall on September 5, 2014.
“We’ve been steadily growing our presence in Houston and have sought out the best shopping centers across the area," said Geevy Thomas, president of Nordstrom Rack. "We hope to conveniently serve more customers at our new Village Plaza at Bunker Hill Rack."
Village Plaza at Bunker Hill is owned and managed by Fidelis Realty Partners through a joint venture with Weingarten Realty Investors.