H&M’s current 60,500-square-foot Manhattan flagship store has hit the market with Cushman & Wakefield, Commercial Observer has learned. The retail space, at 2 Herald Square at West 34th Street and Broadway, is spread across the sub-cellular, ground, second and third floors.
The fashion chain’s space includes a 75-foot storefront that sits directly across from Macy’s. H&M is planning to move out of 2 Herald Square in mid-2016 and across the street to Herald Center, which is slated to be its largest store worldwide.
According to C&W, the lease at 2 Herald Square will likely be for 10 or 15 years. The company declined to provide asking rents, though ground-floor space along that stretch of West 34th Street go for approximately $1,000 per square foot.
The 11-story commercial and office building at 2 Herald Square has 360,000 square feet of space. Other tenants in the building include Victoria’s Secret, Publicis and Mercy College.
C&W’s David A. Green, Steven Soutendijk and Brad Mendelson are the retail agents for the building.
“Located in one of the most trafficked areas of Manhattan—peak hourly volumes exceed 6,000 pedestrians per hour—and with unique branding opportunities such as the Macy’s Thanksgiving Day Parade, 2 Herald Square is an ideal flagship location for any brand looking for a prominent New York City presence,” said Mr. Green, the vice chairman of C&W, in prepared remarks.
Also known as the Marbridge Building and 1328 Broadway, the building at 2 Herald Square is owned by Sitt Asset Management. The company purchased the building in 2007 from RFR Realty for $500 million.