T.J. Maxx Sets Up 27,639-SF Shop

New York City
T.J. Maxx has signed a lease for three floors of retail space at W&H Properties’ 250 W. 57th St. The clothing retailer is taking a total of 27,639 square feet on the ground floor, lower level, and second floor of the building. It is the third Manhattan store for T.J. Maxx. W&H’s Fred Posniak says in a release that the signing underscores “a dramatic shift in retailing in the Time Warner Center and 57th Street corridors.” He adds that it “a remarkably complex deal.” To get it done, Posniak says, “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.” A Cushman & Wakefield team of Joanne Podell, Matthew Seigel and Barry Zeller represented W&H; Peter Ripka of Ripco Real Estate negotiated for T.J. Maxx.

A trio of contiguous cast-iron buildings dating from the 1860s in Manhattan’s Tribeca district has traded for $23 million in a sale-leaseback to the Rome-based Sorgente Group. Anchor tenant Blumberg Excelsior will lease back the second floors of all three buildings at 60, 62 and 66 White St., as well as the retail portions of 60 and 62 White. The tenant will also hold a $14-million note for three years, according to Jones Lang LaSalle, whose Peter DeCheser and Rick DeRuyter arranged the deal. The selling price of $514 per square foot represents a cap rate of 4.78%. “We see the potential for a historic, ‘green’ restoration down the road,” says Veronica Mainetti, managing director of Sorgente USA, in a release. However, Mainetti notes that the properties are fully leased and there are no immediate plans for renovation.

Law firm Loeb, Block & Partners has renewed and expanded its lease at 505 Park Ave., taking a total of 26,275 square feet for 12 years on the property’s seventh and eighth floors. JLL’s Christopher Kraus, who represented the law firm with colleague Robert Taylor, notes in a release that the transaction took more than two years to complete, and entailed relocating several tenants within the 219,000-square-foot 505 Park so that Loeb Block was able to occupy two full floors. “In addition, the law firm’s new space will be significantly enhanced prior to its relocation within the building,” Kraus says. Building owner Glorious Sun (New York) Inc. was represented by David Green of C&W.