adidas will be opening another Originals retail space in Manhattan. The new 5,200 square foot space is located in Soho on two leased floors of 115 Spring Street. According to The Real Deal, asking rents on the ground floor along Spring Street near Broadway range from $400 to $500 per square foot. The information comes from SL Green Realty, the landlord of the retail condominium. If that range is per month, that’s about $28 million in rent per year over the ten year lease.
Strangely, adidas already has an Originals store in Soho. Located at 136 Wooster Street, the Originals space is open and inviting. adidas has not made it clear whether they plan on operating the two spaces simultaneously. Moreover, earlier this summer adidas signed a lease for a 20,000 square foot design studio on top of the Brooklyn Brewery in Williamsburgh. The German brand looks to be taking over New York.
Source: The Real Deal
