Press

URBAN OUTFITTERS PRESS RELEASE - GRAND OPENING

Westwood Village, CA, September 11, 2014 – The largest retail apparel transaction in more than 40 years for Westwood Village is now fully realized with the opening of Urban Outfitters’ new side-by-side Men’s and Women’s Stores. Nearly five years ago, Urban Outfitters began exploring the possibility of doubling the size of its presence in Westwood Village. They found the ideal space in two adjacent historic buildings on Westwood Blvd, and the lease agreement between Urban Outfitters(NASDAQ:URBN) and landlord Topa Management Company for the record-setting 16,556 sq. ft. storefront was signed in the 4th quarter of 2013. The new UO flagship in Westwood Village is their third largest California store.

“Over 13 months of planning and construction went into Urban’s amazing transformation of 1028 and 1038 Westwood Blvd. into its newest retail flagship,” reports Jim Brooks, President of Topa Management Company, which owns the two properties and is the single largest commercial landlord in the Village. “We are already experiencing the halo effect of this exciting new his ‘n’ hers store. Urban’s trademark edgy store design maximized the buildings’ rich details and finishes and has made other retailers and restaurateurs take notice of what’s happening in Westwood. Not surprisingly, the buzz and activity on the Boulevard created by Urban’s major upsizing has acted as a catalyst for significant new leasing interest within our Village portfolio,” commented Brooks.

The “his” section of the new Urban Outfitters at 1038 Westwood Blvd. fills 5,275 sq. ft.In addition to the expanded sections for on-trend denim, vintage and contemporary graphic T-shirts, casual apparel, vintage and retro leather jackets, backpacks, grooming items, and stylish footwear, the UO Men’s Store will have a “lifestyle essentials” section including a “music shop” featuring a vintage vinyl selection as well as Crosley turntables on which to play them, and a carefully curated collection of vintage Gibson and Fender acoustic and electric guitars and amps. “Urban is further deepening its connection to our community by hosting a scheduled marketplace inside the store where local apparel manufacturers, artists, and artisans can sell their products to an enthusiastic public. Rounding out the lifestyle aspect of the men’s store is an artful and art-filled book shop,” stated Brooks.

Next door, the former home of legendary Tower Records will now house the expansive “hers” collection in a spectacular 2-story, 11,281 sq. ft. mega space. The structure itself has historic significance. Originally built in 1931 for J.J. Newberry Co., it is a prime example of vintage Westwood Village Mediterranean architecture, designed by the noted firm of Nordstrom & Anderson. Topa and Urban Outfitters jointly collaborated to restore and accentuate the building’s original, 1931 thematic details to showcase significant design elements including a trio of Moorish arched windows and arch surrounds. The preservation of these original architectural details assures the building’s continued iconic status within the Village.

The 11,000+ sq. ft. of merchandising possibilities will include an extensive inventory of contemporary women’s apparel, denim, casual fashions, and shoes. Additionally, beauty products, jewelry and accessories, cool textiles, retro wares, novelty items, and Urban’s trademark home goods and vintage mid-Century pottery, will be stylishly displayed throughout the expansive two-story space. The bohemian-inspired UO Women’s Store design features repurposed vintage wooden doors, exposed red brick walls, dramatic vaulted ceiling, and a striking architectural steel staircase. A retro UO photo booth on the first floor adds a fun touch.

“This exciting new Urban Outfitters’ flagship location and the increased foot traffic it will generate can only add to the ever-growing vitality of the Village,” observed Steve Sann, Chairman of the Westwood Community Council and a key supporter of the Village’s metamorphosis. “These new side-by-side Men’s and Women’s Stores are absolutely gorgeous, and the cutting-edge design makes an incredible architectural statement in these two historic buildings. It is very gratifying to see Westwood’s ongoing transformation as other major new tenants, such as the recently opened iPic theater, as well as several new high concept restaurants and eateries, add their imprint on the Village. As a Westwood business owner and advocate, I’m thrilled to see the continued resurgence and increased leasing activity in Westwood.”

The McDevitt Company represented both parties in this significant transaction. Rick Chancellor, Vice President of the firm’s Western Region noted, “Westwood is L.A.’s largest true urban village with unique, landmark architecture dating back to the 1920's and 30's. The Village has pedestrian-friendly streets, charming storefronts, cherished cultural institutions and the glamorous history of star-studded red carpet movie premieres that continue to this day. Coupled with the high income surrounding neighborhoods, the steady traffic throughout the day and evening provides a very favorable environment for retailers, restaurants and entertainment uses alike.”

Hours for the new UO Men’s and Women’s Stores in Westwood Village are: Monday-Thursday, 10 a.m.-9 p.m.; Friday and Saturday, 10 a.m.-10 p.m.; and Sunday, 11 a.m.-9 p.m.

Topa Management Company owns and manages over four million square feet of commercial and retail space throughout California and Hawaii, employing more than 100 real estate professionals and is headquartered in Century City, CA.


WESTWOOD’S LARGEST RETAIL LANDLORD INKS BIGGEST APPAREL LEASE IN DECADES

Westwood Village, CA, October 10, 2013 – In an unprecedented and game changing move, Urban Outfitters (NASDAQ:URBN) is more than doubling its Westwood Village presence through the signing of its lease with Topa Management Company for 16,556 square feet on Westwood Boulevard.

As Westwood’s largest owner of retail space, “Topa was able to offer Urban Outfitters a long term solution to their merchandising and space needs,” reports Jim Brooks, President of Topa Management which owns and manages the property. The discussions between Topa, Urban Outfitters, and The McDevitt Company (who represented both parties in the transaction) spanned several years as the retailer carefully weighed its choices for placing its 3rd largest store in California. “This historic transaction will provide a true flagship Urban Outfitters in the Village, opening Fall 2014. The 1028 Westwood Blvd. building has the original exposed brick walls, ironwork, and high ceilings to provide a highly brand-appropriate space for Urban Outfitters and is indicative of some of the truly unique retail environments in Westwood,” Brooks continued.

“As one of L.A.’s only true urban villages, Westwood is graced with many distinctive attributes that are very attractive to retailers, restaurants, and consumers: landmark architecture, pedestrian-friendly streets, charming storefronts, cherished cultural institutions, and a rich and nostalgic history of red-carpet movie premieres. The upsizing of Urban Outfitters, coupled with Topa’s continued efforts to breathe fresh life into their well positioned buildings via strategic re-merchandising and improvements, is key to the continuing reinvigoration of one of Southern California’s great gems,” commented Kira Meers with The McDevitt Company.

According to Chris Kuklinksi, also with McDevitt, “We are seeing increasing interest in Westwood from better retail and restaurant concepts. The incredible success of 800 Degrees Neapolitan Pizzeria, who recently expanded into additional space within Topa’s portfolio, is one outstanding example of this transformational shift as evidenced by the abundance of pizza lovers lined out their front door. Retailers are taking note of the consistent traffic flowing through the Village that includes high-income local residents, white-collar office workers in the 4.5 million square feet of Class A office space and the average daily population of approximately 75,000 students, staff and visitors at UCLA’s campus and Medical Center.”

“Topa is no stranger to the urban infill retail market, with substantial retail holdings in Santa Monica, Brentwood and Pacific Palisades,” remarked Brooks. “We acquired our Westwood portfolio in late 2002 and have remained patient and selective looking to benefit from recent improvements taking place in the Westwood Village market. The strength of Urban Outfitters as a draw for complementary retailers is evident in several new lease transactions currently underway.”

Topa Management Company owns and manages over four million square feet of commercial and retail space as well as over 1,000 residential units throughout California and Hawaii, employing over 140 real estate professionals and is headquartered in Century City, CA.

Both parties were represented by Kira Meers, Chris Kuklinski, and Rick Chancellor of The McDevitt Company’s West Coast office, based in Beverly Hills.