New 68K-SF Marshalls Coming Downtown, Across From 1 WTC
By Liam La Guerre January 17, 2017 3:42 pm
reprints
TJX Companies, the parent company of Marshalls and T.J. Maxx, has signed a 68,400-square-foot deal for a new Marshalls department store at 140 West Street.
The new retail space represents a small portion of the first floor and two lower levels of the building between Vesey and Barclays Streets, as The New York Post first reported.
David Tricarico of Cushman & Wakefield, who represented landlords Magnum Real Estate and Los Angeles-based CIM Group, declined to comment via a spokesman when reached by Commercial Observer.
The ground-floor portion in the 32-story building, which is known as the Verizon Building, had an asking rent of $350 per square foot, while the lower level was asking $100 per square foot, The Post reported.
Peter Ripka and Richard Skulnik of Ripco Real Estate brokered the deal on behalf of TJX. Ripka declined to comment via email.
The partnership of Magnum Real Estate and CIM closed on a $390 million loan to convert floors 11 through 31 in the Lower Manhattan office building into luxury condominiums, as CO reported in 2015.
The first 10 office floors are owned by Verizon. Magnum Real Estate and CIM bought the upper part of the building for $274 million in 2013, according to a press release at the time. The partnership then picked up the retail base in the structure for $40 million a year later, as CO previously reported.
