Nearly 25 years after introducing its flagship Niketown at 57th Street near Fifth Avenue in Manhattan, Nike sought to relocate its retail presence to a 68,000 square feet, 6-floor space in the heart of Fifth Avenue. But before Nike could transform the space, several New York-sized hurdles stood in the way.
To reimagine the 650 Fifth Avenue building into the new House of Innovation, Nike needed the freedom to easily reconfigure floors and gain additional retail space. It also wanted a radical makeover of the façade, which required permission from the city. Nike turned to us to secure the rights and privileges necessary to bring its vision to life.
With scores of high-stakes, Manhattan retail flagships in our portfolio, Davis+Gilbert real estate teams are trusted players in the city’s sophisticated commercial market. The landlords in the Nike deal, SL Green Realty Corp. and Wharton Properties’ Jeff Sutton, are among NYC’s largest property owners. Our previous leasing experience with them proved helpful as we navigated our clients through all the twists, turns and protections that come with a high-profile, high-value, long-term lease. Assured that its lease, signed in late 2016, delivered all our client needed — and wanted — Nike made the most of its newest investment.
Nike called the 2018 opening of its House of Innovation 000 “the most confident moment for Nike Retail since our first Niketown opened 25 years ago.” Welcomed as “the pinnacle expression of modern retail” by industry observers, the flagship combines physical, digital and experiential flourishes — mobile app checkouts, speed shopping, product customization options, and members-only services, to name a few favorite features.