Real Estate

New York — Prada has renewed the lease for its New York City flagship store at 724 Fifth Avenue, according to SL Green Realty Corp. and Jeff Sutton, a partnership that owns the building.

The early lease renewal — the existing lease will not expire until 2017 — will keep one of the world’s iconic fashion and accessory houses at the prime Manhattan location through 2028. Prada occupies 15,540 sq. ft. on four levels, plus another 5,200 sq. ft. of office space on the fifth floor of the building.

Cincinnati — Saks Fifth Avenue has signed a letter of intent to relocate its downtown Cincinnati store to The Kenwood Collection, which Phillips Edison & Co. is transforming from a regional destination to a super-regional destination that will draw shoppers from three states.

According to the letter of intent, Saks will lease 80,000 sq. ft. of retail space over two levels of a building that fronts I-71. Plans call for the store to open in the spring of 2016.

Warrendale, Pa. -- Rue21 on Thursday celebrated the opening of its 1,000th store. Located in the Enid Crossing Shopping Center in Enid, Okla., the location is one of the company's new rueGuy format stores and features an expanded assortment of young men's apparel and accessories in addition to the girls' apparel, jewelry, footwear and beauty product.

LG Electronics has started construction on its new $300 million environmentally friendly North American headquarters project in Englewood Cliffs, N.J.

More than 300 supporters, including elected officials from New Jersey as well as neighbors, local businesses, union leaders and LG employees, gathered at 111 Sylvan Ave. for the official start of demolition.

Dallas -- Corner Bakery Cafe announced the company has signed two new multi-unit franchise agreements to open new restaurants in Arizona and introduce its first restaurants in Wisconsin beginning in 2014.

The fast-casual brand's new franchise partners include Blue Mountain Cafes, which plans to open 13 restaurants in Phoenix over the next seven years and Neo Fourno Inc., which plans to open ten new restaurants in Madison and Milwaukee over the next five years

New York — SL Green Realty Corp. and partner Jeff Sutton have announced the formation of a venture that has acquired a 49-year leasehold interest covering the entire retail portion of 650 Fifth Avenue. The transaction was completed with former U. S. Magistrate Judge Kathleen A. Roberts, the court-appointed federal monitor and interim trustee of the landlord, 650 Fifth Avenue Company.

Conshohocken, Pa. -- Ikea announced solar energy is planned for its store under construction in Sweetwater, Fla., which is in the Miami-metro area. Pending permits, installation of solar panels on the store’s roof will begin in several months, with completion by grand opening in summer 2014. Ikea contracted with REC Solar for the development, design and installation of the 416,000-sq.-ft. store’s customized solar power system.

Covington, La. — Sam’s Club will join the tenant lineup at Stirling Bossier Shopping Center in Bossier City, La., according to an announcement by Stirling Properties. Construction of the new club store is underway. It is scheduled to open in the summer of 2014.