Movie chain renews long term; continues renovation of flagship location tomake it the entertainment destination in New York.
Tishman Realty Corp. recently completed a transaction to extendand substantially upgrade theRegal Cinemas as one of its anchor tenants at its 200,000 square foot E*Walk Retail and Entertainment complex located on 42nd Street in Times Square.The Regal lease extension is the first transaction since the renovation was announced and will serve as the catalyst for the launch of the redevelopment.
Tishman is in the midst of transforming E*Walkinto one of the foremost retail shopping and entertainment destinations for residents and tourists alike. The Regal theatre renovation features luxury recliners with reserved seating in all auditoriums, an expanded food menu, a 4DX auditorium, the Regal Premium Experience auditorium and soon to open IMAX VR experience. With these state-of-the-art amenities, along with the recent announcement of the “Lionsgate Entertainment City” lease directly across the street from the project, continues to solidify West 42nd Street as one of the pre-eminent entertainment destinations in the world.
To help with the redevelopment effort, Tishman has engaged a team of experts that includes Patrick Smith, Erin Grace, Corey Zolcinski and Matt Ogle of Jones Lang Lasalle as leasing respresentative, and Zyscovich Architects, MG Engineering and Sensory Interactive tohelpdesign and execute the redevelopment.
According to Smith, “E*Walk is a prime location for retailers, located along 42nd Street between Seventh and Eighth Avenue, on one of the busiest intersections in New York with 94,000 passer-byers daily and 65 million commuters a year from the nearby subway stations and Port Authority Bus terminal. E*Walk’s location and adjacency to Times Square’s “Bowtie” provides an incredible opportunity for retailers seeking a “flagship” type store at competitive rental rates.”
Tishman opened the E*Walk Retail and Entertainment complex on 42nd Street in 1999 as part of the revitalization of New York’s famed 42nd Street, one of the largest urban renewal programs in the United States. Early planning for the redevelopment commenced in mid 2015 says Joseph Simone of Tishman Realty Corp. “We see an opportunity for a re-branding and enhancement program that will transform the property into a top destination for large format retailers and experiential entertainment users.”
The five-level retail complex offers maximum flexibility, with anchor spaces ranging from 20,000 square feet to 50,000 square feet and multiple small tenant configurations also available. The proposed spaces will be able to accommodate both large- and small-format retail, apparel and entertainment uses, with an additional 20,000 square feet of billboard and dynamic multimedia signage available to maximize retailer branding. Originally conceived and developed as retail, E*Walk also offers 400-foot by 100-foot floorplates, high ceiling heights, and the opportunity for retail users to create dramatic double height store fronts. The redevelopment is expected to be completed in 2020.
Tishman Realty Corp.
Tishman is a vertically integrated real estate owner, developer, operator and adviser. Over the last 30 years, Tishman, has owned and developed roughly 10 million sq. ft. for its own account and has sourced and structured nearly $8.0 billion of debt and equity for its projects. Further, Tishman has developed, managed and advised on more than 35 million sq. ft. of all types of real estate – including hospitality, retail, residential and office. Current assets under management exceed $4.0 billion in real estate and other asset classes of which nearly $3.0 billion (or roughly 75% of AUM) represents Tishman’s own account.
JLL’s retail experts partner with retailers, investors and owner/operators with an extensive team of dedicated experts around the world. The firm has more than 140 retail brokerage experts spanning more than 30 major markets, representing more than 900 retail clients. In 2015, JLL’s retail experts completed transaction management and portfolio optimization on 1,500+ leases, negotiated 500+ leases for retailers and 1,000+ leases for landlords and completed more than $2.7 billion of investment sales, dispositions and financing for investors. For more news, videos and research from JLL’s Retail Group please visit: www.jllretail.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.