CBRE Selected to Lease 4 Time Square Retail for The Durst Organization
P RE S S RE L E A S E
FOR IMMEDIATE RELEASE
CBRE SELECTED TO LEASE 4 TIMES SQUARE RETAIL FOR
THE DURST ORGANIZATION
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Extraordinary 42,550-square-foot site at the "Crossroads of the World"
New York – June 27, 2012 – CBRE Group, Inc. and The Durst Organization today announced today that CBRE has been selected to lease 42,550 square feet of retail space at 4 Times Square on behalf of The Durst Organization. The three-story retail space is located at the corner of Broadway and West 42nd Street, at Times Square, the number one tourist attraction in the world.
CBRE Retail group’s Amira Yunis, executive vice president, and Gary Trock, senior vice president, along with Matthew Krell and Lyle Trued, are marketing the prominent retail location, which benefits from Times Square’s abundance of visitors every year, who spend an estimated $4.9 billion annually. In addition, 4 Times Square is across the street from New York City’s most accessed subway station.
"The Times Square retail market produces some of the highest retail sales numbers in the world," said Jody Durst, president of The Durst Organization. "We expect to attract a world-class retailer who will benefit fully from the area’s vast number of local and tourist shoppers as well as our premier location in Times Square."
"We will be unveiling a new storefront and signage design that will highlight what is arguably the most prominent corner in the United States," said Ms. Yunis. "This is an opportunity to occupy a fantastic flagship location near some of the top selling retail outlets in the US, including Forever21, American Eagle and Aeropostale."
"To represent a major retail opportunity in the Times Square market on behalf of The Durst organization is exciting in itself, but it is truly an honor that Durst selected CBRE to lease this prestigious retail site," said Mr. Trock.
The retail space at 4 Times Square, which was formerly occupied by ESPN Zone, has a 9,704-sq.-ft. ground floor; a 13,298-sq.-ft. second floor, and a 19,548-sq.-ft. third floor, all of which have nearly 20-foot ceiling heights. Also available are the prominent wraparound signs above the space, which will provide incredible brand exposure.
Excluding entertainment, Times Square retail sales exceed $700 million a year. The district boasts 200,000 office employees in more than 35 million sq. ft. of office space.
About The Durst Organization
The Durst Organization, founded in 1915 by Joseph Durst, is the owner, manager and builder of 13 million square feet of premiere Manhattan office towers. The Durst Organization is recognized as a world leader in the development of high-performance and environmentally advanced commercial and residential property.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.