Philadelphia, PA …The Center City office of Michael Salove Company Commercial Real Estate is pleased to announce the completion of a retail lease transaction at 1515 Walnut Street, with a lease value of approximately $3 million. Theory will open fall 2008, and will occupy approximately 3,800 square feet on two floors.
Theory, founded in 1997, is New York-based men’s and women’s contemporary fashion label known for its clean-line and luxuriously simple clothes and accessories. Theory is considered the ultimate urban working girl’s clothing line. Their appeal is sleek yet conservative looks that easily transition from a day in the office to a night on the town. The sleek lines of their clothing provide the wearer with style that is not only sophisticated, but timeless as well. Stars like Jessica Alba and Jennifer Aniston have made Theory an everyday name on the streets of Hollywood.
Theory will be joining the ranks of other posh Walnut Street retailers including: Coach, Burberry, bluemercury, Club Monaco, GUESS, Juicy Couture and A|X Armani Exchange. Theory is also available at high-end department stores including Barneys New York, Saks Fifth Avenue, Nordstrom, Bloomingdale’s, and Neiman Marcus. Theory maintains 16 signature stores and 13 outlet stores in the US.
Laurence Steinberg, Director of the Center City office, represented the landlord while Stanton Brown, also of Michael Salove Company, in cooperation with Lynne Bremer of Fandel Retail Group, represented the tenant. According to Mr. Steinberg, “We are extremely excited to welcome Theory to Rittenhouse; this is a retailer that will help to redefine high fashion and add an important men’s fashion component to Walnut Street.”
Michael Salove Company has its headquarters in Center City Philadelphia. It is one of the region’s preeminent tenant and development advisory firms, exclusively representing regional, national and international retailers and developers.
