Commercial Real Estate & Advisory

King of Greene the subject of new lease

By REW Staff | February 25, 2014

Cushman & Wakefield announced that Joseph, a global fashion brand and retail chain, has signed a long-term lease at 76 Greene Street in SoHo.

ASB Real Estate Investments acquired the property in 2012 on behalf of the firm’s Allegiance Fund, in partnership with L3 Capital.

“As part of the brand’s global expansion plan, we searched for a long time to find the perfect space in SoHo,” said Ricky Aina of Joseph. “The King of Greene – as the building is known – is an architectural masterpiece and a perfect backdrop for Joseph’s designs. We’re excited to put down roots in this neighborhood and be better able to cater to our loyal downtown customers.”

Joseph, which previously occupied the space as a pop up store, will occupy 3,400 s/f on the ground level and 3,950 s/f on the lower level for a total of 7,350 s/f in the building. The retailer has a second location at 1061 Madison Avenue, which it recently opened.

A Cushman & Wakefield team of Chris Schwart, Alan Schmerzler and Steven Soutendijk, represented the landlord in the transaction. Christopher Owles of Sinvin Real Estate and Robin Zendell of RZ Retail Advisors represented Joseph.

“With the recent opening of the Saint Laurent store, which is just two storefronts away, and the addition of Joseph, Greene Street continues to attract high-end luxury retailers,” said Schwart. “We’re excited to have a retailer of Joseph’s caliber, which designs such a beautiful looking store, join the building and the neighborhood.”

Joseph, which was established in London by Moroccan entrepreneur Joseph Ettedgui in 1972, is expanding globally. In 2011, the company opened in Moscow, and in 2012, opened in Los Angeles. Last year it opened locations in Beirut and New York.