SL Green and The Moinian Group Sign Nordstrom as Retail Anchor at 3 Columbus Circle
NEW YORK–(BUSINESS WIRE)– SL Green Realty Corp (NYSE:SLG), New York City’s largest commercial property owner, and The Moinian Group, today announced they have signed a 23-year, 43,000-square-foot lease with Nordstrom (NYSE:JWN), one of the nation’s leading fashion specialty retailers, to anchor three levels of retail space at 3 Columbus Circle.
The complex transaction involved a series of lease modifications and relocations including the buyout of the corner bank branch in advance of lease expiration, continuing SL Green’s strategy of replacing below market leases throughout its portfolio. The new store will serve as an expansion of the Nordstrom full-line flagship store, which is debuting on West 57thStreet.
Brett Herschenfeld, SL Green Managing Director, commented, “We are thrilled that such a prestigious, world-class retailer will anchor 3 Columbus Circle at the corner of Broadwayand 57th Street. New Yorkers have waited a long time to welcome Nordstrom, a retailer that flourishes throughout the United States and which will further solidify Midtown Manhattan as the destination for high-end retail shopping.”
Derek Trulson from Jones Lang LaSalle and Stephen Stephanou from Crown Retail Services represented Nordstrom, while Jeff Winick from Winick Realty Group acted on behalf of the landlord.
About SL Green Realty Corp.
SL Green Realty Corp., New York City’s largest office landlord and an S&P 500 Company, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2015, SL Green held interests in 121 Manhattan buildings totaling 43.2 million square feet. This included ownership interests in 30.6 million square feet of commercial buildings and debt and preferred equity investments secured by 12.6 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 35 suburban buildings totaling 5.3 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.
Nordstrom, Inc. is a leading fashion specialty retailer based in the U.S. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 323 stores in 39 states, including 121 full-line stores in the United States, Canada and Puerto Rico; 194 Nordstrom Rack stores; two Jeffrey boutiques; and one clearance store. Additionally, customers are served online through Nordstrom.com, Nordstromrack.com and HauteLook. The company also owns Trunk Club, a personalized clothing service serving customers online at TrunkClub.com and its five clubhouses. Nordstrom, Inc.’s common stock is publicly traded on the NYSE under the symbol JWN.
About The Moinian Group
Founded by Joseph Moinian, The Moinian Group today owns and operates a diversified portfolio of assets across the United States and is among the only national real estate entities to develop, own and operate properties across every asset category, including office, hotel, retail, condos and rental apartments. The Moinian Group’s holdings include high-profile assets in America’s leading cities, including New York, Chicago, Dallas and Los Angeles. For the past three decades, The Moinian Group has been a pioneer in the development of emerging areas of New York City such as Downtown and West Side of Manhattan, developing commercial, residential and mixed-use projects that combine luxury living, modern office space and high quality retail. The Moinian Group maintains a reputation for developing state-of-the-art, aesthetically distinguished properties as the firm continues to strive for excellence.
SL Green Realty Corp.
Source: SL Green Realty Corp
News Provided by Acquire Media
New Yorkers have waited a long time to welcome Nordstrom, a retailer that flourishes throughout the United States and which will further solidify Midtown Manhattan as the destination for high-end retail shopping.
Brett Herschenkend, Managing Director