JLL has completed a 10,000-square-foot, two-floor lease with Five Below (NASDAQ: FIVE) at EWalk, Tishman’s Retail, Entertainment and Experiential Retail Complex, in Times Square.
Five Below’s lease coincides with the complex’s planned spring 2022 opening of Target and the completion of a $60 million capital improvement and renovation of the retail complex and signage. The renovation and capital improvement plan for the asset encompasses virtually every aspect of the property, including an in-place renovation of Regal Cinemas’ United States flagship location.
Tishman Realty Corp. began development of EWalk Retail on 42nd Street in 1995 as part of the revitalization of New York’s famed 42nd Street, one of the largest urban renewal programs in the United States. In December 2016, the property owner launched a complete renovation, re-branding, upgrade and enhancement program that will transform the property into a top destination for large-format retailers, apparel retailers and experiential entertainment users.
Tishman Realty hired a team of experts that included JLL, Zyscovich Architects, MG Engineering and Sensory Interactive to help conceive the new plans and market the 240,000-square-foot retail complex for lease. After new leases with Target, Five Below, and the newly re-configured Regal EWalk Stadium, only prime, ground-floor, small spaces remain available for lease in the project.
Erin Grace, managing director, and Hilary Sievers, vice president, with JLL, represented Five Below in the transaction. The Tishman Realty team of James Fitzgerald and Corinne Walker, along with Patrick A. Smith, vice chairman, and Corey Zolcinski and Matt Ogle, executive vice presidents, with JLL, represented ownership.
“EWalk occupies a prime location for retailers,” Smith said. “The site is located along 42nd Street between Seventh and Eighth Avenues on one of the busiest intersections in New York City, with 94,000 daily passers-by and 65 million commuters a year from the nearby subway stations and Port Authority Bus Terminal. E*Walk’s location, adjacent to Times Square’s ‘Bowtie’ area, provides an incredible opportunity for retailers seeking a flagship-type store at competitive rental rates.”
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