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Converse steps into SoHo spot.

Converse, the shoe company and apparel maker, has agreed to a roughly 7,000 s/f sublease at 560 Broadway in Soho in what will be its first Manhattan store and one of the only retail locations the company has opened so far.

Retailer Anne Taylor had leased the space, but decided to sublet it to the designer clothing maker Escada early last year. By August 2009, the fashion house declared bankruptcy and the plans to have it move in were scuttled.

A Cushman & Wakefield retail leasing team led by Joanne Podell and Matthew Siegel, two of the company's top retail dealmakers, represented Ann Taylor in the efforts to. again sublease the space and handled the deal with Converse.

A little over four years remain on Ann Taylor's lease, after which Converse will have the fight to extend the term at fair market rents with the building's landlord, Jeff Gural, so that it can remain in place. Rents in the deal, according to a source, were in the $400s per square foot.

Converse doesn't have many locations dedicated exclusively to selling its product line. Earlier this year, the company reached a deal to open one of its first stores on Newbury Street, a prime retail corridor in Boston.
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Author:Geiger, Daniel
Publication:Real Estate Weekly
Date:Sep 22, 2010
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