Thor Equities Inks Manhattan Retail Lease
- Nov 12, 2019
Thor Equities has leased nearly 13,000 square feet of retail space to Club Monaco at The Scribner Building, a Class A mixed-use property in Manhattan’s Plaza District. The tenant signed the lease for a three-year term, bringing the asset to full occupancy. The building’s office component is leased to tenants including Burma Bibas, Reclaim New York and Yieldstreet Inc.
Earlier this year, the landlord signed two leases totaling 17,600 square feet with shared space provider Knotel. The coworking firm will occupy 6,400 square feet in The Scribner Building, with the remainder of the space at Thor’s nearby 590 Fifth Ave.
Originally constructed for the Charles Scribner’s Sons Bookstore in 1912 and 1913, the 12-story structure at 597 Fifth Ave. encompasses a total of 71,934 square feet. The Scribner Building has 55 feet of exposure on Fifth Avenue and is surrounded by retailers including Lululemon, Sephora and Puma.
Thor purchased the building for $99 million in 2011, taking a $105 million, 10-year CMBS loan which matures in June 2024, according to Yardi Matrix.