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NEW YORK CITY - In one of New York City's most important and complex retail transactions of the year, legendary retailer T.J. Maxx has signed a lease for three floors of retail space at 250 West 57th Street, announces Fred C. Posniak, senior vice president of W&H Properties.
The new ten-year lease encompasses 27,639 square feet of retail space on the ground floor, lower level, and second floor of the building. It is the third Manhattan store for T.J. Maxx.
"This deal is notable for two big reasons," says Mr. Posniak. "It confirms a dramatic shift in retailing in the Time Warner Center and 57th Street corridors, and it was a remarkably complex deal."
"In terms of the location, this lease not only extends an entire 57th Street shopping corridor west to Eighth Avenue, but it also reflects the growth of Time Warner Center’s clientele south to the 57th Street corridor."
But the deal is also notable because of its complexity, adds Mr. Posniak.
"In order to make this happen, we had to secure rezoning to allow for dedicated unloading for a big-box retailer, permit Chase Bank to buy out of its remaining lease obligation, relocate several office tenants, including the building's management office, and reposition an existing retail tenant," he notes. "We also worked closely with our consultants to secure approvals from the Department of Transportation and the Department of Buildings to permit big-box retail."
For T.J. Maxx, which hopes to open for the 2010 holiday season, Mr. Posniak points out that the space provides an enormous presence in an increasingly significant retail area, with growing residential and commercial density, as well as extraordinary accessibility via public transportation.
Joanne Podell, Matthew Seigel and Barry Zeller of Cushman & Wakefield represented the landlord in the transaction; Peter Ripka of Ripco Real Estate represented the tenant.
T.J. Maxx is part of The TJX Companies, Inc., the leading off-price retailer of apparel and home fashions in the United States and worldwide and ranked 131 in the most recent Fortune 500 rankings. TJX's off-price concepts include T.J. Maxx, Marshalls, HomeGoods, and A.J. Wright in the U.S., Winners, HomeSense and STYLESENSE in Canada, and T.K. Maxx and HomeSense in Europe.
Located along the convenient 57th Street corridor, and just steps from the Time Warner Center, Carnegie Hall, Lincoln Center, and Central Park, 250 West 57th Street comprises 26 stories and 535,000 square feet of modern office space. It offers direct in-building access to the Time Warner Center/Columbus Circle subway station, serving the A, C, B, D and 1 subway lines, and immediate access to all major bus lines.
The property's recently completed $82 million upgrade program includes a renovated lobby, renovated elevator cabs, new windows, renovated air-conditioned public corridors and restrooms, and upgraded building-wide systems, including state-of-the-art electrical, plumbing, HVAC and security.
Part of the W&H Properties Pre-War Trophy office portfolio, 250 West 57th Street is owned by Fisk Building Associates LLC, a partnership led by Peter L. Malkin and Anthony E. Malkin, one of New York City's most financially stable ownerships. W&H Properties is committed to sustainable property operations and development, including energy efficiency, water use reduction, waste and recycling and indoor environmental quality initiatives.
Available space includes W&H portfolio high-end pre-built suites from 2,500 to 4,700 square feet and build-to-suit spaces up to 10,600 square feet.
Broker commissions are paid in full at lease signing.
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