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H&M Buys Prime Fashion Spot in Manhattan

Fashion retailer H&M just scored a prime piece of Manhattan real estate from fellow fashion house the United Colors of Benetton for $137M. The Benetton family has owned the six-story Fifth Avenue building since 2002, the chain's exclusive Manhattan home. The 12.4k SF building is in the middle of retail fashion heaven, with the largest H&M in the world just a few blocks away. The rents for nearby retail spaces have risen by 17% over the last year, costing about $1.2k per SF. It's yet to be announced if the Benetton's store will be closed. [NYDN]