Tom Ford To Move Shop To Thor Equities' 680 Madison, Courtesy Of JLL And Thor Equities
Designer Tom Ford (pictured) is moving his store to 12k SF at 680 Madison Ave, joining Barney’s, Brunello Cucinelli, Berluti, Hermés Men's, the Links Club and other luxury men’s retailers.
Ford was repped by JLL’s Bob Gibson, but it’s not currently known who repped the landlord, Joe Sitt’s Thor Equities. Ford’s store will cover 3,300 SF on the ground floor and 9k SF on the second floor, the New York Post reports. Bisnow confirmed the move with a source close to the deal.
Although 680 Madison's luxury residential condo portion is owned by Extell Development, Thor bought the retail space for $277M in 2013, redeveloping it and pushing asking rents to $2,500/SF.
Leasing struggled initially, however, with Qatari retailer Qela claiming 6,200 SF but eventually defaulting. Thor has reclaimed the space—which will now be used for Ford’s store—and is pursuing the security deposit.
Madison Avenue BID president Matthew Bauer told the Post that men’s clothing is one of the fastest-growing sectors of the luxury retail marketplace.
With Tom Ford and other tenants, including Morganthal Frederics, 16k SF remains at 680 Madison, mainly on the second floor. Ford’s digs at a 14k SF duplex at 845 Madison are also available for lease. [NYP]
