H&M’s largest store in the world will open in Herald Center next fall after the retailer signed a 25-year lease for 63,000 square feet across four floors of the JEMB Realty property, the landlord’s broker announced today.
“H&M’s newest and greatest commitment to Herald Square is the next level in this retail submarket becoming one of the premier shopping destinations in New York City,” said Susan Kurland, executive vice present of retail services at CBRE, in a prepared statement. “JEMB Realty envisioned a premier retail flagship at Herald Center, creating an unmatched branding opportunity in the heart of Herald Square.”
In an interview with the Commercial Observer earlier this year, Joseph Jerome, president of JEMB, said that after acquiring the leasehold interest in Daffy’s and relocating ASA College, the company was looking to re-tenant Herald Center with a full-priced retailer.
“There’s been tremendous interest from international retailers that have locations in the city, whether it is apparel or other types of international tenants,” Mr. Jerome said at the time. “We’ve had a lot of interest because the signage possibilities for their marketing purposes are tremendous.”
A repositioning of Herald Center, a 10-story, 250,000-square-foot retail and office property located on the corner of 34th Street and Broadway, includes the installation of both a glass façade and LED lighting. According to Mr. Jerome, work is expected to begin in the first quarter of 2014, with an expected completion date late next summer.
Ms. Kurland represented the landlord in the leasing transaction. Robert Gibson of Cushman & Wakefield represented H&M.