(Filed Under Financial and General Interest News). According to Fred C. Posniak, senior vice president of W&H Properties, T.J. Maxx has signed a lease for three floors of retail space measuring 27,639-square-feet at 250 W. 57th St in New York City. The retailer plans to open the store, its third in New York City, for holiday 2010.
Posniak described the deal as notably complex. “It confirms a dramatic shift in retailing in the Time Warner Center and 57th Street corridors […] In terms of the location, this lease not only extends the entire 57th Street shopping corridor west to Eighth Avenue, but it also reflects the growth of Time Warner Center’s clientele south to the 57th Street corridor.
“In order to make this happen, we had to secure rezoning to allow for dedicated unloading for a big-box retailer, permit Chase Bank to buy out of its remaining lease obligation, relocate several office tenants, including the building’s management office, and reposition an existing retail tenant. We also worked closely with our consultants to secure approvals from the Department of Transportation and the Department of Buildings to permit big-box retail.”
TJX Companies, Inc. owns T.J. Maxx. Its other off-price retail concepts in the United States include Marshall’s, HomeGoods and A.J. Wright.
For further information, e-mail Rachel@LvmGroup.com.
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