The Lease Beat
C. Wonder, the preppy apparel and accessories retailer launched last year by designer Tory Burch’s ex husband, Christopher Burch, has signed on for a space at Time Warner Center, according to sources familiar with the deal.
The store, which opened another Manhattan store last October in Soho, will take about half of the roughly 15,000 square feet formerly occupied by the now-defunct bookstore chain Borders on the retail complex’s second floor.
Tales of Retail
An over 20,000 square foot retail space at 100 Broadway formerly occupied by the bookselling chain Borders has found a new taker.
Walgreens has reached a deal to lease the space for about $2 million in annual rent according to sources with knowledge of the transaction. The drug store giant will either operate its own store in the location or use the space for a Duane Reade, the New York City based pharmacy that the company purchased last year for $1.1 billion.
Not only are three of New York’s eight Borders stores closing–news passed along after Borders’ anticipated filing of Chapter 11–but projections from the CoStar group foresee vacancy rates for nearby retailers to increase.
Basically, Borders has the flu, and now nearby stores can expect to catch a cold.
The CoStar projections see vacancy rates climbing Read More