Retail Lease Beat
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.”
Cosmetics giant Elizabeth Arden inked a deal that will bring the company’s Red Door Spa to 10,000 square feet at 200 Park Avenue South, The Commercial Observer has learned.
Joseph A. Cabrera, Edward Weiss, Michael Gordon, and Robert Gibson of Cushman & Wakefield represented the tenant. Gregg Schenker, Mark Tergesen and John Gols of ABS Partners Real Estate represented the landlord, 200 Park South Associates LLC. Gary Trock of CBRE also worked on the ownership side of the transaction.
Asking rents were $425 a square foot for the ground floor and $100 a square foot for the lower level.
CVS Pharmacy has leased a 14,274-square-foot retail condominium space below Alchemy Properties’ Griffin Court Condominium development at 454 West 54th Street, which was also sold to Heskel Group earlier this month, The Commercial Observer has learned.
The 25-year lease includes 9,000 square feet of street level frontage, set below the eight–story residential towers, where 95 condo units that hit the market in 2010 are roughly 85 percent occupied.
The property is located in the Hell’s Kitchen neighborhood, a first for CVS, and in close proximity to the theatre district.
H&M has designs on 589 Fifth Avenue. In what was a pretty closely-guarded secret, the retailer said last week that it has signed a 57,000-square-foot lease at the building, for what will be its flagship store. It will occupy six floors in the building—the ground through fifth floors, in addition to space below grade level.