CBRE Group, Inc. announced today that it arranged an approximately 63,000 s/f retail lease for H&M in the Herald Center, at the corner of 34th Street and Broadway, Herald Square, on behalf of the landlord, JEMB Realty.
CBRE’s Susan Kurland, executive vice president, Retail Services, represented JEMB Realty in the 25-year lease for H&M. The store will be H&M’s largest in the world and is anticipated to open in the fall of 2014.
JEMB is in the midst of a multi-million dollar make-over of the 10-story, 250,000 s/f retail and office property, which is being reclad as 50,000 s/f of retail space at the heavily trafficked site .
JEMB acquired the property in 1986. Joseph Jerome, a principal of JEMB Realty, noted the redevelopment was made possible after the firm’s acquisition of the former Daffy’s lease at Herald Center out of bankruptcy.
Earlier this year, ASA College expanded to over 100,000 s/f at the property and will have its own ground floor lobby entrance on 33rd Street.
“H&M’s newest and greatest commitment to Herald Square is the next level in this retail submarket becoming one of the premier shopping destinations in New York City,” said Ms. Kurland, hired by JEMB Realty to re-tenant the property.
“JEMB Realty envisioned a premier retail flagship at Herald Center, creating an unmatched branding opportunity in the heart of Herald Square.”
On behalf of JEMB Realty, Bobby Dweck, in conjunction with lease expirations, negotiated a series tenant buyouts to vacate the premises that will soon become home to H&M’s newest location. Herald Center is a 10-story, 250,000 s/f retail and office property located at the southwest corner of 34th Street and Broadway.
“When H&M unveils its grand opening, the store’s brilliant exposure to the street will lead the rejuvenation of Herald Square and its retail outlets,” said Kurland, a two-time Real Estate Board of New York Retail Deal of the Year winner, one of which was the 1999 “Deal That Most Significantly Impacts a Neighborhood” award for the 36,000 s/f H&M transaction at 640 Fifth Avenue.
H&M was represented by Robert Gibson of Cushman & Wakefield.