Newmark Negotiates Warehouse Lease for London-based Retailer ASOS
Newmark , in collaboration with U.K. counterpart Knight Frank, is pleased to announce it has negotiated a 1 million square-foot industrial lease transaction for ASOS, a London-based fashion retailer, in Union City, Georgia, just outside of Atlanta.
ASOS is one of the largest and fastest growing e-commerce fashion retailers in the world. The firm’s acronym once stood for “As Seen On Screen,” as the company began as an online merchant that sold items that have been seen on-screen in film and TV. From there, they evolved into one of the world’s largest fashion destinations for 20-somethings, with 85,000 products on site and 5,000 new items added each week.
The Union City, GA location will create 1,600 jobs and have a 10 million unit capacity. ASOS plans to invest $40 million in the first phase of development.
“We are unbelievably proud to have facilitated this transaction with ASOS,” said Knight Frank Warehouse and Logistics Department Head, Charles Binks. “The teamwork required around the globe and across a variety of time zones to get this deal to the finish line was extraordinary.”
Newmark Executive Managing Director Geoffrey Kasselman, SIOR, LEED AP and leader of Newmark’s Industrial Services Group added, “This will be a significant step forward for ASOS’ global operations, and will further position them as one of the most elite e-retailers anywhere in the world. It is an honor for Newmark and Knight Frank to contribute to ASOS’ continued growth and success.”
Robert Hess, Head of Newmark’s Global Strategy and Location Consulting Group, commented that, “Best practices were deployed by the ASOS team with respect to integrating supply-chain planning, performing location selection and conducting deep due diligence on workforce and labor market sustainability across a multiple-state search area.” In the end, the State of Georgia, Georgia Power and multiple state and local stakeholders presented a solid business case for selecting the Atlanta metro area.
Read the full press release.