The property involved in this transaction is a retail space located at 575 5th Avenue, Manhattan. The asset spans a total of 15,345 square feet and is part of a 40-story tower. Urban Outfitters is downsizing from its previous space at 521 Fifth Avenue, which was 22,238 square feet, to this new location. The change occurs amidst a larger transaction where the property changes hands in a deal valued at approximately $385 million, led by Sovereign Partners and HudsonPoint Capital, with the previous owners being Beacon Capital Partners and MetLife.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $385 million
• Address: 575 5th Avenue
• Market: Manhattan
• Asset Size: 15,345 square feet
• Landlord: Beacon Capital Partners & MetLife
• Tenant: Richard Hayne - Urban Outfitters
• Brokers: Sean Moran, Catherine Merck, Steven Soutendijk & Patrick O’Rourke - Cushman & Wakefield

The deal highlights key individuals and companies critical to the transaction process. Urban Outfitters will be represented by Richard Hayne in this relocation. Cushman & Wakefield, represented by brokers Sean Moran, Catherine Merck, Steven Soutendijk, and Patrick O’Rourke, facilitated the leasing arrangement. This leasing agreement follows the asset’s ownership transition led by Sovereign Partners and HudsonPoint Capital.