Gucci’s Parent Company Pays $963M For Fifth Avenue Retail Space | SPAC Feed

Another luxury brand is paying nearly $1B to acquire retail space on Fifth Avenue.
Kering, the parent company of Gucci, Balenciaga and Brioni, is paying $963M to acquire the 115K SF retail condominium at 717 Fifth Ave., it announced Monday. The multilevel space sits at the base of a 26-story office tower and was sold by Jeff Sutton’s Wharton Properties.
Sutton was also the owner of 720 and 724 Fifth Ave. across the street, which Italian fashion house Prada paid more than $820M combined to acquire last month. 
The sales show that demand from iconic fashion brands for space on the globe’s most expensive…

Source: Gucci’s Parent Company Pays 3M For Fifth Avenue Retail Space

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• Source: https://spacfeed.com/guccis-parent-company-pays-963m-for-fifth-avenue-retail-space