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Valentino inks lease in SoHo

135 Spring Street (Credit: Google Maps)

Valentino has signed a two-year, 8,800-SF retail lease at Invesco’s 135 Spring Street in SoHo, according to The Real Deal. The luxury fashion brand plans to open the duplex space previously occupied by Diesel later this spring.

  • The Bad: Retailers announced plans to shutter a record 12,200 stores last year, but some are now reconsidering after larger holiday revenues and ready support from lenders. Holiday sales jumped 8.3% in November and December compared to a year earlier.
  • The Ugly: Even as it expands in Soho, Valentino has been trying to get out of its 20,000-SF space at Fimalac’s 693 Fifth Avenue in Midtown. The retailer’s lawsuit was dismissed on Jan. 21, with Judge Andrew Borrok stating that the pandemic doesn’t change Valentino’s obligation to pay its rent.
  • Brokers: Newmark’s Ariel Schuster represented the landlord, while CBRE’s Andrew Goldberg brokered the deal for the tenant. [TRD+Bloomberg]

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