Under Armour Looks Set To Muscle Nike Out Of Former FAO Schwarz Space
It appears activewear brand Under Armour might be the tenant who ultimately snags the coveted retail storefront space at the General Motors Building, formerly toymaker FAO Schwarz’s longtime digs.
Apple has moved into the space temporarily after FAO Schwarz vacated the 60k SF space at 767 Fifth Ave last summer, when faced with a significant rent hike.
The toymaker had occupied the space for nearly 30 years and was coughing up $20M a year to Boston Properties in rent, the Commercial Observer reports.
Nike had been angling for the spot as well, but it appears Under Armour has come out ahead, the latest in a series of setbacks for Nike at the hands of its up-and-coming rival. Nike renewed its current lease at 6 West 57th St last week, but it's not entirely clear if that was a direct result of competition from Under Armour for the GM Building space or not.
Under Armour moved into the New York market just a few years ago, taking 20k SF at 583 Broadway, and following that up with 19k SF at the Starrett-Lehigh Building for office space. [CO]
