Yunis of Newmark Knight Frank leases 8,500 s/f to Tommy Bahama; At 551 Fifth Avenue at 45th Street; Owned by The Feil Org.

The Feil Org. completed a lease with Tommy Bahama for the opening of the retailer's first area store at 551 Fifth Ave. at 45th St. The Seattle-based chain signed a 12-year lease agreement and will occupy 8,500 s/f on the ground, mezzanine and basement levels of the renowned art deco Fred F. French building that is owned and managed by The Feil Org. Currently an 89-store chain, Tommy Bahama was founded in the early 1990s and is a subsidiary of Oxford Industries Inc., an Atlanta-based apparel maker. Terry Pillow, CEO of Tommy Bahama said, "We're going to bring Tommy Bahama to New York City. We're not going to bring New York City to Tommy Bahama." He also said that he expects his new store, which he hopes to open by the end of the year, to draw crowds of New Yorkers and tourists by transplanting the company's tropics-themed store design to Manhattan. The deal was brokered by Amira Yunis from Newmark Knight Frank. "Tommy Bahama will be moving into the space now occupied by clothing store New York Look," said Yunis. Brian Feil, VP of leasing at The Feil Org. said, "National retailers have steadily been moving into the stretch of Fifth Avenue between 42nd and 49th Streets." With the new Tommy Bahama deal, as well as the recent opening of Urban Outfitters at Fifth Ave. and 43rd St., and the new Guess store opening at 47th St., the area is evolving into a very powerful and vibrant retail marketplace. Erected in 1927, The Fred F. French building is listed in the National Register of Historic Places and has been owned by The Feil Organization since 2001. The private, established commercial real estate firm is headquartered in New York City and has been active in commercial real estate for over 50 years. With regional offices in Chicago, New Orleans and Long Island, the company owns and operates a nationwide portfolio of over 26 million square feet of retail and commercial space, and over 5,000 residential rental units.