New York – Free People, a retail clothing brand that is part of the Urban Outfitters family of companies has committed to a direct 13,100-square-foot lease renewal and a 13,800-square-foot sublease at 218 West 40th Street. The contemporary fashion brand catering to twenty-something women and portraying intelligence, creativity and individuality, previously occupied 13,100 square feet in the 12-story building located on West 40th Street between Seventh and Eighth Avenues and diagonally across from the new headquarters of The New York Times.
Free People subleased the 13,800-square-foot showrooms previously housing a Phillips-Van Heusen brand on the entire sixth floor. Subsequently, the company singed a direct lease with the landlord for the space once the sublease term expires. It also renewed and extended its existing 13,100 square feet of space occupying the whole seventh floor of the property. Both long-term leases will run concurrent.
Bob Savitt, president and founder of full-service commercial real estate firm Savitt Partners, represented the building ownership, 218 West 40th Associates LLC, in the lease negotiations. Allen Gurevich of NewmarkGrubb Knight Frank acted on behalf of Free People.Matt Astrachanof Jones Lang LaSalle represented Phillips-Van Heusen in the sublease.
218 West 40th Street is a 166,000-square-foot office tower just steps from Times Square, the Fashion District and Bryant Park. The property, which remains fully occupied, offers tenants adaptable open layouts on full floors with up to 14,000 square feet of space. Among its many amenities are a fully renovated marble lobby with elegant bronze finishes, a full-height glass entrance, 24-hour access and tenant-controlled heating and air conditioning. Among the high profile tenants at the property are Calvin Klein, Phillips-Van Heusen,The New School and the National Academy Foundation.
Free People was the name first given to what would eventually become the Urban Outfitters family of companies in 1970, and resurfaced in 1984 to identify the brand as a wholesale collection. Today, Free People has grown to include, in addition to wholesale, both a significant retail and online presence. Currently, Free People operate over 75 stores in the U.S. and Canada, as well as three wholesale showrooms whose teams have brought Free People to over 1,200 specialty boutiques and department stores across the globe. In all phases of Free People, they look to inspire their customers with an amazing assortment of apparel and accessories.