T.J. Maxx has signed a lease for 40,000 square feet at JEMB Realty’s Herald Towers, where it will open at the end of this year on the ground and lower levels. This is the first Manhattan lease by the big-box store in nearly a decade. T.J. Maxx’s new Herald Square store on Broadway between West 33rd and West 34th streets will be right next to the upcoming 55,000-square-foot Old Navy store, which signed with JEMB Realty in a relocation from 150 West 34th Street in May.
Jacob Jerome of JEMB Realty shares:
“We are proud to welcome T.J. Maxx alongside Old Navy, further accelerating the resurgence of Herald Square retail and reinforcing the corridor’s role as one of the most important shopping districts in the country.”
Richard Skulnik, Vice Chairman at RIPCO Real Estate represented T.J. Maxx in the deal, while JEMB Realty represented itself in-house.
The deal reinforces the recovery of the Herald Square and 34th Street retail market, where rents are rising but still less than half of what they were in 2015.
The new lease also represents T.J. Maxx’s eighth location in Manhattan, following previous openings at 250 West 57th Street and 808 Columbus Avenue on the Upper West Side, 407 East 59th Street on the Upper East Side, 620 Avenue of the Americas in the Flatiron District, 483 Broadway in SoHo, 14 Wall Street in the Financial District, and 5 West 125th Street in Harlem.
T.J. Maxx will join several other tenants at Herald Towers, which has an official address of 50 West 34th Street. Besides Old Navy, tenants include international trading platform Moomoo, which leased 2,500 square feet at the building in September. Moomoo’s space is on the ground-floor corner of West 33rd Street, while T.J. Maxx’s new space will wrap around it.
Read More: Commercial Observer: TJ Maxx to Open 40,000 SF Store at Herald Towers
