12:00 PM
Newmark Grubb Knight Frank (NGKF) Retail is pleased to announce that it has secured a 20-year lease with Saks Fifth Avenue at 200 Greenwich Avenue, in Greenwich, Connecticut. The 20,400-square-foot retail space is centrally located on the avenue, Greenwich’s largest and most prominent upscale retail corridor. Jessica Curtis, senior managing director at NGKF Retail, represented the landlord, 200 Greenwich Avenue, LLC in the transaction.
Saks Fifth Avenue has been expanding its Greenwich presence over the past few months. The retailer who has a 35,000-square-foot department store at 205 Greenwich Avenue signed a lease at 20 East Elm Street in July of this year, reportedly for their first ever shoe-only concept store. The move to 200 Greenwich Avenue will nearly double Saks’ presence in the market and will afford the brand storefronts on both sides of the street.
“Saks Fifth Avenue’s decision to almost double its space on Greenwich Avenue is one of the most significant retail leases in the avenue’s history, and is a major indicator of the strength of the corridor’s retail market,” said Curtis. “It’s exciting to envision Saks having retail offerings on both sides of the street and gives more weight to those of us in the market referring to it as the ‘Saks block.’ Clearly, this commitment to a 20-year lease demonstrates their confidence in the area’s retail strength and further elevates Greenwich as Fairfield County’s premier destination for high-end retail,” she added.
Saks Fifth Avenue was represented by Ron Brien of Alliance Commercial Real Estate.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com.