Avison Young Scores Retail Assignment for Manhattan Asset
- Jul 03, 2017
Avison Young was selected by Sitt Asset Management to handle the retail leasing of Two Herald Square, a Class A office building located in Midtown Manhattan. According to Yardi Matrix, the property comprises 222,191 square feet of office space and 140,000 square feet of retail space. The retail vacancy reaches a total of 60,000 square feet, or 12,500 square feet on the ground floor, 15,000 square feet on the second floor, 27,000 square feet on the third floor and 5,000 square feet of sub-basement space.
Prime Retail Location
Located at 1328 Broadway, the six-story asset was built in 1909 and features high ceilings and three self-contained office lobbies. Additionally, it offers more than 75 feet of frontage on the ground floor. Formerly known as the Marbridge Building, Two Herald Square is located in a highly transited location, adjacent to Macy’s flagship department store and other retailers such as The Gap, American Eagle, Victoria’s Secret, H&M, Forever 21, Old Navy, Sephora, Steve Madden and Banana Republic. Penn Station and Herald Square Station provide tenants with easy access throughout the area.
Jedd Nero, executive managing director of the Avison Young New York City Retail team, will handle the leasing together with Jeremy Schwartz, Howard Aaron, Maria Fernandez and Robert Nero.
“This represents a rare opportunity for retailers to establish a flagship location on one of the most heavily trafficked retail squares in New York,” Nero said in a prepared statement. “For a few lucky retailers, this offers an opportunity for a real miracle on 34th Street. The space, available in a variety of configurations, offers a chance to capture a remarkable retail audience in one of the nation’s prime shopping locations.”
Also in Midtown Manhattan, Avison Young recently represented Comcast in leasing 45,000 square feet of space at SL Green and PGIM Real Estate’s Tower 46.
Image courtesy of Sitt Asset Management