T.J. Maxx Grows on West 57th Street
T.J. Maxx is expanding on West 57th Street near Columbus Circle.
The discount retailer extended its lease at 250 West 57th Street and added 19,000 square feet on the fourth floor, Empire State Realty Trust revealed in its first-quarter report published yesterday, bringing its square footage in the building to 47,000. T.J. Maxx will pay $1.9 million annually, or $40 a square foot, according to the report. The retail chain extended its lease for another 12 years and has been in the building since 2010, an ESRT spokeswoman told Commercial Observer.
Joanne Podell and Mary Clayton of Cushman & Wakefield (CWK) represented ESRT, along with Fred Posniak and Shanae Ursini in-house. Peter Ripka, Andrew Mandell and Richard Skulnik of Ripco Real Estate handled the deal on behalf of T.J. Maxx. Spokespeople for both brokerages didn’t immediately respond to requests for comment.
The expansion comes just as the company reported fourth-quarter 2017 sales of $11 billion, a 16% increase compared to the fourth quarter of 2016. The Real Deal was the first to write about the lease.
The real estate investment trust has done a brisk leasing business recently at the building on West 57th Street between Broadway and Eighth Avenue. Music management firm RZO inked a deal last week to consolidate its space in the building and move to 12,600 square feet on the entire 23rd floor, CO reported. The American Society for Composers, Authors and Publishers took 85,400 square feet there last October, and Universal Music Group leased a full floor there in November.