Kushner Companies has signed a 15-year deal to open a National Geographic Ocean Giants entertainment center in Times Square.
The deal was signed by Times Square Attractions Live, LLC the trademark-licensed developer for National Geographic Times Square: Ocean Giants (WT), a first-in-kind National Geographic-branded immersive entertainment experience that will open summer 2017.
The new space will occupy 59,137 s/f at 44th Street. The tenant is a partnership between Peterson Companies, a Washington-based real estate developer, and SPE Partners, LLC a New York-based entertainment developer.
Eric Gelber, Executive Vice President of CBRE represented Times Square Attractions Live, LLC.
“National Geographic is one the world’s most respected and recognized brands and it is a tremendous compliment and honor to be a financial and strategic partner on this project,” said Milton V. Peterson, Principal and Chairman of Peterson Companies, “Together with SPE Partners under the creative leadership of Lisa Truitt, we look forward to creating a world-class branded experience for National Geographic in the heart of New York City.”
“We’re excited to partner with Times Square Attractions Live to bring National Geographic to the crossroads of the world,” said Jared Kushner, CEO of Kushner Cos. “This deal truly takes the consumer experience in Times Square to the next level, and exemplifies our work in repositioning one of Midtown’s most storied buildings as a world-class cultural and retail destination.”
Alexander C. Svezia, a Founder and Managing Partner of SPE Partners, added, “We are thrilled to find a home with Kushner Companies to deliver National Geographic’s first-ever permanent attraction in its 128-year history.”
SPE Partners will develop and produce, under license from National Geographic Partners, New York City’s next state-of-the-art, iconic a Peterson Companies is one of the largest privately owned real estate development companies in the Washington, DC region and is responsible for more than 34 million square feet of the most prominent and successful mixed-use retail, entertainment, residential and office projects around the region. Among them is National Harbor, a 350-acre waterfront resort that is home to Gaylord National Resort & Convention Center, Tanger Outlets, the Capital Wheel and the $1.4B MGM National Harbor Resort & Casino that is slated to open in 2016.