Bandier signs lease for flagship location at Paramount’s 670 Broadway
By Mark Maurer | March 20, 2018 06:50PM
Bandier has signed a lease for its new U.S. flagship location — a retail and office spread totaling 27,500 square feet at Paramount Group’s 670 Broadway in Noho, sources told The Real Deal.
The retail chain, which specializes in upscale workout attire for women, will occupy several floors of the five-story, 75,000-square-foot property, also known as “0 Bond Street.” The space consists of 4,500 square feet on the ground floor, 13,000 square feet on the fourth floor, and 10,000 square feet on the lower level. Bandier’s fitness studio offshoot, Studio B, will occupy part of the fourth floor; the remaining 8,000 square feet on that floor will be office space.
Asking rents were $300 per square foot for the ground-floor retail and $110 per square foot for the office, sources said.
With the deal, Paramount takes a step toward leasing the largely vacant property it bought for $112 million in 2015. The real estate investment trust spent several months last year trying to sell the building in the pricing range of $160 million and ultimately took it off the market.
The building is home to Equinox, which signed a lease in 2016, and has additional unclaimed ground-floor retail space. The lease is also one of the largest retail deals Noho has seen amid the widespread retail slowdown.
Warwick Capital Management’s Brandon Charnas and Adam Henick represented the tenant in the deal. Paramount, Warwick and Bandier declined to comment.
Bandier has smaller locations in the city such as 164 Fifth Avenue and 150 East 72nd Street, as well as shops in Southampton, Manhasset and Dallas.