Short Term 5th Ave Burberry Lease Signed at Steep Discount
Luxury British clothing brand Burberry will temporarily relocate its Manhattan flagship into the core of the space previously the home of Valentino until vacating in 2020. Burberry will occupy the 14,000-square-foot space on the base floors of 693 Fifth Avenue under a short-term lease while its main location at 9 East 57th Street undergoes renovations. The $372 annually per square foot to be paid for the space reflects a steep discount of the $1,144 per square foot rent that Valentino agreed to pay in 2013 upon signing the 15-year lease, comprising over 80% of the building’s revenue.