Club Monaco Extends Lease at Scribner Building

Club Monaco will remain in its multi-level space at the base of the historic Scribner Building. Acquired by private equity firm Regent L.P. from Ralph Lauren in 2021, the recent lease renewal will see Club Monaco remain at 597 Fifth Avenue “through 2031 at a price of $208 per square foot, according to report information on court records.”  The high-end casual retailer initially opened the store under a 3-year term in 2019. According to marketing material posted on Costar, the space offers 4,806 square feet on the ground level, 2,214 square feet of mezzanine space, 1,842 square feet on the balcony level, plus 4,003 square feet of lower-level space; and features a “large, grand staircase, 31-foot ceilings, and 53-feet of frontage on 5th Avenue.” The announcement of Club Monaco’s renewal provides much needed stability for the Scribner Building and delivers the first good news for the 67,000-square-foot former headquarters of publisher Charles Scribner, which lost nearly all its tenants since 2020. . According to statements within court documents by the building’s court-appointed receiver, as part of the latest signing, Club Monaco “agreed to forego free rent but negotiated a $2 million inducement payment in return for agreeing to the seven-year extension. It also agreed to let the landlord terminate the lease in 2028 for a $500,000 fee if the market rebounds.” If was further noted that while pop-up retailers expressed some interest in short-term deals, and “potentially longer-term tenants demanded months of free rent and an inducement payment to sign a lease, the strongest offer came from Club Monaco.”