December 20, 2022 9:00 AM
Newmark announces the firm has secured a 5,189 square-foot long-term lease for a new concept location for luggage retailer TUMI, located at 25 East 34th Street, ground floor retail of 180 Madison Ave. The new showroom and retail space will sit adjacent to the recently signed TUMI headquarters at 16 East 34th Street. Newmark’s Executive Managing Director Ross Kaplan represented PGIM Real Estate on the transaction.
“This isn’t a typical TUMI location; they wanted to incorporate an exciting showroom close to their headquarters,” said Kaplan. “The entire corridor has seen an increased elevation of the types of retailers opening in the area. We believe the opening of TUMI on 34th Street further solidifies the upward trajectory we see in the neighborhood.”
Targeting a Spring 2023 opening, TUMI will debut the first-of-its-kind concept store, emblematic of the brand’s continuous pursuit to evolve and share its new forward-looking retail experience with consumers. TUMI worked collaboratively with Eight Inc., a key developer in Apple stores, to develop a design concept that brings visitors on a modern journey that strategically engages guests with the newest product lines. Spanning over 5,000 square feet across three levels, the new location will feature an airy, sophisticated design with interactive components, including a viewing area, a photography studio, modular shelving and displays, a demo table, a magnetic wall and a personalization bar.
Adjacent and just a few floors above the new outpost at 16 East 34th Street sits the TUMI Manhattan office that was secured this past summer. The sprawling 20,000-square-foot duplex penthouse-turned-global creative hub features a private terrace with access to the oversized roof deck. The highly collaborative environment functions as the TUMI showroom and New York City executive offices.
“Above our latest store, the new Manhattan office is more than a place of work. It’s a ‘Global Creative Hub’ for the TUMI brand,” said TUMI President Andrew Dawson. “We chose the central location in New York City for its easy access and endless inspiration. The environment features dedicated spaces for work, collaboration and clearing minds to allow the creative process to happen. It also offers an iconic experience with a scenic outdoor space overlooking Manhattan and the Empire State Building.”
According to a recent retail report from Newmark Research, Q3 experienced a strong quarter of leasing activity, bringing year-to-date velocity up to 1.9 million square feet, surpassing the past two years combined. The leasing actively driving this quarter spans diverse industries, including big box retailers, entertainment concepts, high-end restaurants, apparel accessories and luxury retailers. Availability rates for retail spaces also decreased or were flat in nine of the ten core trade areas year-over-year.
180 Madison also has two other retail spaces available for lease, including a 1,012 square-foot retail space along 34th Street and a 2,200 square-foot space with a 1,300 square-foot basement and 25 feet of frontage on Madison next to the building’s recently revamped lobby entrance.
TUMI was represented by Jonathan Serko, Jonathan Schindler and Barry Garfinkle of Cushman & Wakefield. Office leasing at 180 Madison is being handled by a team led by David Falk of Newmark.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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