Christmas Bonus! Macy’s Expanding by 52K Feet
Jim Hanas Jan. 4, 2011, 2:37 p.m.
Still bruised from a pre-Christmas shopping trip down Macy’s golden aisles? Surely you’ll agree that the retailer needs more space.
Not quite in time for the holiday season, the 150-year-old institution will take another 56,242 square feet.
Alas, this is no miracle on 34th Street, but rather an expansion of its corporate offices at 1440 Broadway. In a long-term lease, Macy’s has taken the entire eighth and part of the ninth floor, bringing its total footprint to 161,000 square feet. Of course, that still comes in well below the Macy’s Herald Square’s 1 million square feet, at one time the world’s largest store.
“This is the latest cycle of expansion with Macy’s that we arranged in advance of an expiring block of space,” said Monday Properties‘ Brian Robin in a statement. “Macy’s continued growth in a building that is fully leased underscores the recovery of the Manhattan leasing market. We came to terms with Macy’s before we began any formal marketing of the block.” Since Macy’s moved in seven years ago, it has expanded by more than 130 percent.
Scott Gottlieb and Michael Laginestra of CB Richard Ellis represented Macy’s. Jordan Berger represented Monday Properties in-house.