News
Guess and Forever 21 Coming to Downtown DC
Madison Retail Group Completes Retail Lease Transactions and Reports Heightened Interest in the Nation’s Capital Among Retailers
WASHINGTON, DC (January 26, 2009) – Madison Retail Group announced today that Principals Michael Pratt and Eric Rubin brokered leases with Forever 21 and Guess to each open stores in downtown Washington, D.C.
Forever 21 will occupy a 27,000 square foot flagship store in the former Woodward & Lothrop department store building at 11^th and F Streets in the rapidly growing, dynamic East End of Northwest Washington. Mike Pratt brokered the lease transaction with Norman Jemal of Douglas Development, the building’s landlord. This will be the first location for the fashion retailer in the District of Columbia.
“Forever 21 may be the hottest women’s apparel retailer in the country,” said Mr. Pratt. “They fit right in with the new mentality among today’s female shopper by offering an assortment of trendy clothing in an exciting atmosphere - but at a value. With the recent inauguration, there’s a definite vibe in the air in DC, and it’s the place to be. It helps the retail industry when Michelle Obama shops U.S. retailers such as J Crew and White House/ Black Market – it’s a publicity windfall. I’m sure it won’t be long before the Obama girls shop the Forever 21 store at the Woodies building.” Nearby retailers include H&M, Zara, American Apparel and West Elm, each of whom Mr. Pratt and Mr. Rubin represented.
Guess will occupy 5,000 square feet at 1155 F Street, also in the East End, in the ground floor of a class A office building developed and owned by Douglas Development. Eric Rubin brokered the transaction in partnership with /Guess’s/ national consultant, Carol Rosenfeld. The /Guess /store will open later this year and will be located near the new Forever 21.
Downtown Washington, D.C. retail has experienced a tremendous rebirth in recent years and Madison Retail Group has brokered many of the transactions. Many have questioned whether the current economic downturn will stall further progress.
“The Obama victory and the growing role of the federal government have reignited hopes for the future of downtown D.C,” said Mr. Rubin. “We are seeing that passion reflected in the number of high quality retail concepts eager to enter the market because of the excitement of the Obama administration and the updated feel they bring to the area”
President Obama recently discussed his commitment to further the revival of the nation’s capital and many experts predict that increased federal government spending and involvement in the financial markets will create over 100,000 new jobs in the area.
About Madison Retail Group
Headquartered in Washington, D.C. and New York, Madison Retail Group is a national leader in providing leasing and tenant representation services for the retail community of tenants, landlords and developers. Its property portfolio includes over 1.5 million square feet of urban and suburban retail locations and its client roster includes over 55 leading retailers and restaurants. Madison Retail Group is closely affiliated with Madison Marquette, one of the nation’s leading investors, developers and operators of unique and successful retail and retail mixed-use destinations.
