Leases  ·  Retail

Ian Schrager Taps CBRE for 20 Times Square Retail

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Ian Schrager and his joint venture constructing the Times Square Edition hotel at 20 Times Square has named CBRE (CBRE) as the exclusive leasing agent for the development’s 76,000-square-foot retail component.

A rendering of the 20 Times Square Edition hotel.
A rendering of the 20 Times Square Edition hotel.

Mr. Schrager, along with Witkoff Group, Winthrop Realty Trust, New Valley LLC and Maefield Development, are creating a mixed-use development at the site that will include the 452-key hotel, 40,000 square feet of flagship dining, entertainment and event space, according to an announcement.

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The retail, at the northeast corner of Seventh Avenue at 47th Street, in Times Square’s bow-tie and across the street from 2 Times Square and the iconic Coca-Cola sign, will feature 200 feet of wraparound frontage, a 25-foot-tall glass storefront and flexible floor sizes ranging from 10,700 to 14,700 square feet.

The 39-story hotel, created in collaboration with Marriott International, will be Manhattan’s second Edition, as Mr. Schrager has plans for another at the landmarked Clock Tower at 5 Madison Avenue. The “luxury lifestyle” Edition brand was conceived as Marriott’s “answer to competitors attuned to younger, hipper clientele — especially Starwood Hotels and Resorts’ W line,” according to a report in the New York Post earlier this year, which noted that Marriott will manage the hotel under a long-term agreement.

An enormous, reportedly 18,000-square-foot high-def LED sign will wrap around the property, making it one of the largest in Times Square.

A CBRE team led by Stephen Siegel, Andrew Goldberg and Susan Kurland will oversee the retail leasing efforts.