Rockefeller Center intros six-month lease deals for retailers
Real estate researcher CoStar this week reported that sublease space in the second quarter reached 157 million sq. ft. or 1.7% of the total office inventory. That’s also creating availability in retail spaces in urban centers like New York City, where Rockefeller Center is doing something about it.
Rock Center operator Tishman Speyer has introduced a new retail real estate initiative it calls RC Capsule, a six-month leasing program for retailers that it promotes as “bringing together the best of retail, real estate, and technology.”
Tishman’s aim is to use available space to give omnichannel retailers the opportunity to test their concepts in one of the nation’s most highly trafficked urban retail districts—minus the encumberment of a long-term lease.
One of the first retailers to take up the offer is Steven Alan, whose eponymous shop has introduced independent, international clothing brands to New Yorkers since 1994.
“Growing up in the city, I’ve spent a lot of time in the area and I thought it would be a lot of fun to do a capsule installation at such an iconic New York institution,” said Alan, whose Rock Center shop opens in the shade of Manhattan’s towering Christmas tree this week.
Also arriving on Fifth Avenue is Jill Lindsey, a Brooklyn retail brand that will be selling apparel, accessories, jewelry, and skincare products, nearly all of which are made in New York.
“Rockefeller Center is among the most coveted addresses in the world, and our dynamic mix of restaurants, fashion and lifestyle stores provides New Yorkers the best retail experience in Manhattan,” said EB Kelly, the property’s managing director.