JLL has completed a complex, multi-year project to support Nordstrom, Inc. as it builds its first flagship store in New York City. The result is a 363,000-square-foot footprint that combines four properties on Broadway between West 57th and West 58th Streets.
JLL’s Derek Trulson, vice chairman; Michael Shenot, managing director; and Bill Peters, managing director, led the six-year effort to identify and assemble the parcels. The project began in 2010 and included a wide-ranging search of some 40 different sites. JLL provided Nordstrom with advisory
services in development, capital markets, project management and lease negotiation.
“We feel really fortunate to be partnering with JLL on our Manhattan store project, said Pete
Nordstrom, co-president, Nordstrom, Inc. “Working with a trusted partner like Derek Trulson has made what is a really ambitious and complicated project go much more smoothly. Derek has looked out for our interests and has been instrumental in helping us secure a location that we are really excited about.”
The multi-faceted project included the acquisition of 292,000 square feet of space at the base of Central Park Tower, the tallest residential building in the western hemisphere. The Extell Development Company project under construction at Broadway between West 57th and West 58th Streets will include the Nordstrom flagship store. With retail space located on seven levels, two below street-level and five above, Nordstrom will have street-level frontage on Broadway, West 57th Street and West 58th Street.
By leasing space at 1776 Broadway and 5 Columbus Circle on the corners of West 57th Street and West 58th Street, Nordstrom was able to increase the amount of retail square footage and increase the number of total entrances to the store.
1776 Broadway provides 20,000 square feet of retail on four levels with a West 57th Street entrance, while 5 Columbus Circle provides 8,000 square feet of space with a Broadway entrance. The interiors of Central Park Tower, 5 Columbus Circle and 1776 Broadway will be connected to create a unified shopping experience.
JLL also completed the transaction of a lease for 43,000 square feet of space on three levels at 3
Columbus Circle, directly across Broadway, to further expand the Nordstrom footprint and accommodate a Nordstrom Men’s store. 3 Columbus Circle will have three floors, one below and two above street-level with entrances on West 57th Street and on Broadway.
“The end result of this highly complex project is a powerful retail footprint that will transform Columbus Circle, the Broadway corridor and the West Side retail landscape,” Trulson said. “The impact of the Nordstrom flagship store will be felt for many years to come.”