REAL ESTATE

Walgreens exchanges space at Empire State Building

BY Michael Johnson

New York City — Walgreens has renewed its lease on the ground floor of the Empire State Building, and exchanged 10,000 sq. ft. of retail space on the concourse level to 10,000 sq. ft. on the second floor near the observatory exit elevators, according to a report published by REBusiness Online Thursday.

"The all-glass second-floor store is slated for a first quarter 2012 completion," the report stated. Walgreens’ lease in the Empire State Building is for a 15-year term and totals 18,818 sq. ft.

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REAL ESTATE

Italian brand to makes U.S. retail debut

BY Marianne Wilson

New York City — Italian handbag maker Piero Guidi will open its first retail location in the United States, in New York City’s Soho district. The Soho store will be the company’s fourth standalone store outside of Italy, following openings in China, Japan and Hong Kong.

The 1,800-sq.-ft. space, designed by Thomas McKay, is strongly influenced by Urbino, Italy, the birthplace of the brand. McKay’s design for the store references Urbino’s famed Studiolo workshop in the city’s Palazzo Ducale, through the use of classic proportions that are at once cleanly modern and also evocative to Urbino’s rich Renaissance history. The brand’s emblem of two embracing angels, a symbol of positivity and exuberance, will figure prominently in the store’s flooring.

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Burlington Coat Factory to open small-format store in Charlotte

BY Staff Writer

Charlotte, N.C. — X Team International, an international alliance of retail real estate advisors, said that Charlotte, N.C.-based partner The Chambers Group has completed a lease for the first small-format Burlington Coat Factory store in Charlotte.

Scheduled to open Oct. 1 at Woodlawn Marketplace, the smaller format store will be roughly 48,000 sq. ft. and joins T.J. Maxx and Family Dollar.

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