A Down Under furniture company will soon make its first US appearance in San Francisco’s Union Square.
Coco Republic, an Australia-based home furniture company, has leased 53,000 square feet in the National Center Building at 55 Stockton St., the San Francisco Business Times reported.
The company will take over the basement up to the third floor in a space previously occupied by Crate & Barrel, which vacated the building in March.
Coco Republic, which has 14 stores in Australia and New Zealand, hopes to open its first US store this summer.
The 130,000-square-foot, mixed-use National Center Building, built in 1988, is owned by Zaber Corp., according to the Business Times. It is led by Chief Financial Officer Stephen Mong, founder and managing director of Orien Capital Management, a New York-based hedge fund.
Cushman & Wakefield Executive Vice President Kazuko Morgan represented the owner and tenant in the business. The terms of the contract were not disclosed.
Furniture from family-owned Coco Republic has already been sold by Los Angeles-based furniture retailer HD Buttercup.
In October, Los Angeles-based Story3 Capital Partners gained a majority stake in both retailers, positioning the Australian brand for global expansion.
“Coco Republic’s luxury style, product quality and design services fill a void for younger, more contemporary, affluent and aspiring consumers,” Story3 Managing Partner Peter Comisar said in a statement.
Coco Republic’s lease follows recent retail debuts across the city, including the launch of French luxury jewelry store Van Cleef & Arpels in Union Square and the opening of an 80,000-square-foot HR design gallery near Pier 70 at Dogpatch. .
Earlier this year, Union Square also saw a $63 million purchase of Chanel’s facade, while Yves Saint Laurent leased space for a 12,300-square-foot flagship store on Grant Avenue.
Saatva, an e-commerce mattress company, opened its first West Coast store in March in a 6,000-square-foot store on Post Street. Other furniture stores from HD Buttercup, Design Within Reach and Terra Outdoor Living may also be in the works.
On the downside, DSW withdrew stakes from Union Square late last year after nearly a decade of doing business in San Francisco.
[San Francisco Business Times] – Dana Bartolomeu