Lease Beat

Gap and Old Navy Find Side-by-Side Homes in Times Square

1514 Broadway.

Gap Inc. inked two new retail leases on Thursday night for about half of the monster-sized space occupied by Toys ‘R’ Us in Times Square, the landlord’s broker told Commercial Observer, in a deal that includes building a third floor for Old Navy.

The Gap snagged 6,000 square feet on the ground floor, 25,000 square feet below grade plus the signage on the roof at the Bow Tie Building at 1514 Broadway between West 44th and West 45th Streets. Old Navy has taken 6,000 square feet on the ground floor to the north of the Gap, 17,500 square feet on the second floor—and also, the clothing company will be building a 17,500-square-foot third floor, C. Bradley Mendelson of Cushman & Wakefield exclusively told CO. Read More

Lease Beat

Gap Takes Office Lease at 1440 Bway

1440 Broadway (Photo: CoStar).

The Gap, Inc. has signed a 10-year deal for 34,000 square feet at 1440 Broadway, according to a release from publicly traded Maryland corporation New York REIT, or NYRT, the owner of the building.

“We are very pleased to welcome a new office tenant with strong retail brand recognition like The Gap, Inc. at 1440 Broadway,” said Michael Happel, the chief executive officer of NYRT, in prepared remarks. “This lease will increase occupancy at the building from 92.1 percent to 96.7 percent and demonstrates continued strong demand from tenants for space in the Times Square marketplace.” Read More

Lease Beat

Banana Republic Signs for 12,245 Square Feet on Prime Upper West Side Corner

2373 Broadway

RKF has arranged a 12,245-square-foot lease for retailer Banana Republic at 2373 Broadway, a source tells The Commercial Observer. The national apparel brand’s new space on the ground and second floors of 22-story luxury residential building The Boulevard features 150 square feet of wraparound corner frontage on the northwest corner of Broadway at 86th Street.

The Boulevard is owned by Boulevard West LLP, a unit of Texwood Investments, Inc. RKF represented the building owner and tenant. Banana Republic, a division of The Gap, Inc., will close an existing store across the street at 2360 Broadway and plans to open the new location in early 2013, sources said. Read More