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Lululemon Said in Talks to Fill Sephora's Fifth Avenue Vacancy

  • Athletic-wear maker said to consider one-year store lease
  • Space is in Scribner’s Building near NYC’s Rockefeller Center

Lululemon Athletica Inc. is in advanced talks for a one-year lease at a store on Manhattan’s Fifth Avenue, helping to fill space in an area that has recently been plagued by retail vacancies, according to three people with knowledge of the matter.

The active-wear maker is taking 8,000 square feet (743 square meters) at 597 Fifth Ave., across the street from Rockefeller Center at East 48th Street, said the people, who asked not to identified because they weren’t authorized to speak publicly. The space was vacated in March by Sephora, which has moved to another location on the east side of Fifth Avenue.

Representatives for Lululemon and landlord Thor Equities declined to comment.

Midtown Manhattan has seen retail occupancies plunge as merchants balk at record-high rents. On Fifth Avenue from 49th and 59th streets -- the...