NEW YORK, Dec. 18, 2014 /PRNewswire/ -- Verizon Wireless, the world leader in wireless communications solutions, has leased 4,500 square feet for their new Manhattan flagship store on the ground floor of JEMB Realty's revitalized Herald Center, a 10-story, 250,000 square-foot retail and office property at the southwest corner of 34th Street and Broadway.
Bobby Dweck represented JEMB Realty in the lease, while Robert Gibson of JLL and Tom Citron of Newmark (both formerly of Cushman & Wakefield) represented Verizon Wireless.
"In less than three years since JEMB unveiled plans to completely renovate and reconfigure the asset, we have moved ASA College into the upper floors, creating a new 160,000 square-foot campus with its own entrance. We leased 63,000 square feet of prime ground floor space to fashion retailer H&M in August, and filled the remaining ground floor space with this new lease to Verizon Wireless. That leaves just 12,000 square feet of lower level retail space remaining at Herald Center, which we will bring to market in the spring," said Mr. Dweck. "JEMB has changed the face of the Herald Square retail corridor and delivered what the retail market was demanding."
The new lease marks the latest milestone in the transformation of Herald Center long-envisioned by JEMB, which acquired the asset in 1986. The property is being completely reclad to create a bright and exciting retail destination. The owners removed the black glass panels on the first three floors and replaced them with transparent panes that will enable flagship retailers to showcase their brands 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 be transformed with L.E.D. panels, creating a light display that will invigorate Herald Square and thrill passersby. Renovations are expected to be completed by spring 2015.
"Herald Center has become the destination retail location we first envisioned when we acquired the property nearly three decades ago," said Joseph Jerome. "The stunning redevelopment of our retail space over the past three years has created a tremendous opportunity for retailers to capture a remarkable audience and take command of one of the greatest locations in the nation."
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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SOURCE JEMB Realty Corp.