New Fashion/Retail Opportunity Emerges as Property Transforms at Retail Crossroads
NEW YORK, March 14, 2013 /PRNewswire/ — Herald Center, the giant 10 story, 250,000 square-foot black glass retail and office property at the southwest corner of 34th Street and Broadway, is about to undergo an historic transformation at the hands of long-time owner JEMB Realty. The property will be completely reclad to create a bright and exciting leasing opportunity encompassing more than 50,000 sq.ft. of prime retail space at one of the most heavily trafficked, high-visibility corners in the world.
Built in 1982 on the site of the former Korvette's discount store, Herald Center was originally conceived as a vertical mall. Owner JEMB Realty, which acquired the property in 1986, is turning the property "inside out" in 2013, removing the black glass panels on the first three floors and replacing them with transparent panes that will enable flagship retailers to showcase their brand and goods to the more than 100 million pedestrians who pass the property each year. In addition to the new facade on the base floors, floors 4-10 will also be transformed with L.E.D. panels, creating a light display that will invigorate Herald Square and thrill passersby.
Three floors of visibility as well as frontage on both Broadway and 34th Street will be available upon completion of JEMB's multi-million dollar facade replacement plan.
"For a few lucky retailers, the new Herald Center really will be a Miracle on 34th Street," said Morris Bailey, Principal of JEMB Realty. "The stunning redevelopment of our retail space creates a tremendous opportunity for a retailer to capture a remarkable audience, to take command of one of the greatest landmark locations in the nation."
Mr. Bailey noted that planned improvements to the expansive pedestrian plaza immediately in front of Herald Center will further enhance the opportunity for retailers at Herald Center. "We are delighted with the planned improvements to Herald Square's grand pedestrian plaza," Mr. Bailey said. "Herald Square is taking its place as a true world-class shopping destination."
Over 100 million pedestrians pass through the intersection of 34th Street and Broadway every year. Merchants in Herald Square generate over $1.3 billion in annual sales. Over 20 million shoppers visit Macy's flagship department store directly across 34th Street from Herald Center.
Over 550,000 daily commuters use nearby Penn Station, America's busiest passenger transportation center. In addition to Macy's, quality retail neighbors to Herald Center including The Gap, American Eagle, Victoria's Secret, H&M, Forever 21, Old Navy, Sephora, Steve Madden, Banana Republic and many more of the world's leading retailers.
"The entire JEMB family is proud of our plans for Herald Center and the ability to offer this once-in-a-lifetime leasing opportunity at the retail epicenter of 34th Street and Broadway," said Joseph Jerome, a principal of JEMB Realty. "We have owned this property for a quarter of a century, and are thrilled to bring it to the market with the appeal and appearance we believe will best serve our tenants and the neighborhood. We have been dreaming of this redevelopment for years, and we are delighted to begin the transformation."
JEMB Realty's dreams for the property were made a reality by its recent acquisition of the former Daffy's lease at Herald Center out of bankruptcy. In addition, ASA College has expanded to over 100,000 square feet at the property and will enjoy its own ground floor lobby entrance on 33rd Street.
Susan Kurland, executive vice president of Retail Brokerage Services for CBRE, is the exclusive leasing agent for Herald Center.
JEMB Realty Corp., is an experienced real estate owner, developer and manager headquartered in Manhattan that acquires, upgrades and repositions commercial, retail and residential property in existing and emerging city business districts. With its subsidiary BUSAC Real Estate in Montreal, Quebec, JEMB owns and operates in excess of 7.2 million square feet of commercial space in North America.
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