British Toy Store Close To U.S. Debut In Manhattan's Herald Square
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London-based toy retailer Hamleys is reportedly planning to open its first store in the U.S. in Herald Square, near the flagship Macy's department store.
Hamleys, founded in 1760, is close to signing on for around 30K SF at 2 Herald Square, Commercial Observer reports. The deal with landlord SL Green would be for 11K SF at ground level, just shy of 15K SF on the second floor and around 4K SF of storage on the basement level.
The store is slated to open in 2020, and will be in part of the space that was once home to H&M. The rent in the 15-year deal is $8M per year, according to CO.
SL Green bought the leasehold of 2 Herald Square after it started foreclosure proceedings on its loan to the previous owner, Sitt Asset Management back in May.
This week, SL Green announced it had secured $150M in financing for the property, reportedly from MUFG Union Bank, and that it has sold a 49% interest in the building to an Israeli institutional investor.
It also said it has inked four office leases for 2 Herald Square spanning a total of 117K SF, including a deal to convey a 30-year leasehold on a 95K SF condominium to Mercy College. WeWork is expanding there and Victoria’s Secret and Happy Socks also signed new retail leases.
Earlier this year, Toys R Us moved to close all of its United States locations, leaving behind an $11B toy industry, and opening a window for new competitors like Hamleys. Michael Hirschfeld and Paul Berkman of JLL represent Hamleys in the U.S.