NFL Close To Signing 25k SF Lease At New 20 Times Square Development
The National Football League is closing in on a deal to lease roughly 25k SF of retail space at the new 20 Times Square development, led by The Witkoff Group.
The deal would represent a big chunk of the project’s 76k SF of retail. When it’s finished, the development—which broke ground in October—will be about 270k SF total, and include a Marriott Edition hotel and an 18k SF LED sign, The Real Deal reports.
The move could be a sign tenants leery of high rents elsewhere in New York are still willing to shell out for trophy space at Times Square, where rents have risen 140% in the last seven years, from an average of $1k/SF in 2009 to $2,400/SF now.
The project is being developed by The Witkoff Group, the Vector Group, Ian Schrager, Winthrop Realty Trust and Maefield Development. [TRD]