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News release

NEW YORK

E-Walk Retail: A 240,000 SF Retail Project in Times Square to Undergo Transformation into Retail and Experiential Entertainment Hub

The major retail re-development on West 42nd Street between 7th and 8th Avenue with 400 feet of frontage, is now being leased by JLL


NEW YORK, Jan. 10, 2017 – Twenty years ago E*Walk was built as part of the revitalization of New York City's famed 42nd Street, one of the largest urban renewal programs in the United States, and today it's making history once again. The retail complex will be undergoing a complete renovation, re-branding, upgrade and enhancement program that will transform the property into a top destination for large format retailers, apparel retailers and experiential entertainment users. Tishman Realty Corp., the buildings original developer and current owner, has hired a team of experts including: Jones Lang LaSalle, Zyscovich Architects, MG Engineering, and Sensory Interactive to help conceive the new plans and market the 240,000 square foot retail complex for lease, transforming it into a modern retail shopping and entertainment hub for locals and tourists alike. 

The five-level retail complex will boast maximum flexibility – with anchor spaces ranging from 20,000 square feet to 50,000 square feet and multiple small tenant configurations also available. The proposed spaces will be able to accommodate both large-and-small-format retail, apparel and entertainment uses, plus there is an additional 20,000 square feet of billboard and dynamic multimedia signage available to maximize retailer branding. Originally conceived and developed as retail, E*Walk also offers 400' by 100' floorplates, high ceiling heights, and the opportunity for retail users to create dramatic double height store fronts.  The re-development is expected to be completed in 2020. 

E*Walk is a prime location for retailers - the site is located along 42nd Street between Seventh and Eighth Avenue, on one of the busiest intersections in New York with 94,000 passer-byers daily and 65 million commuters a year from the nearby subway stations and Port Authority Bus terminal. E*Walks location, adjacent to Times Square's "Bowtie" area, provides an incredible opportunity for retailers seeking a flagship type store at competitive rental rates.  

The JLL team leading the assignment are Vice Chairman of Retail Brokerage Patrick A. Smith, Managing Director Erin Grace and Executive Vice Presidents Corey Zolcinski and Matt Ogle. 

"Our team is excited for the opportunity to partner with Tishman in their efforts to re-envision this iconic retail property," said Smith. "To have the opportunity to re-merchandise and implement a strategy for the second evolution of a large retail asset, in this historic entertainment corridor, is very rare. We believe retailers and entertainment operators will embrace the proposed co-tenancy, modern physical plant and branding potential a project this size and location offers." 

Tishman Realty Corp.
Tishman is a vertically integrated real estate owner, developer, operator and adviser.  Over the last 30 years, Tishman, has owned and developed roughly 10 million sq. ft. for its own account and has sourced and structured nearly $8.0 billion of debt and equity for its projects. Further, Tishman has developed, managed and advised on more than 35 million sq. ft. of all types of real estate – including hospitality, retail, residential and office. Current assets under management exceed $4.0 billion in real estate and other asset classes of which nearly $3.0 billion (or roughly 75% of AUM) represents Tishman's own account.

JLL Retail
JLL's retail experts partner with retailers, investors and owner/operators with an extensive team of dedicated experts around the world. The firm has more than 140 retail brokerage experts spanning more than 30 major markets, representing more than 900 retail clients. In 2015, JLL's retail experts completed transaction management and portfolio optimization on 1,500+ leases, negotiated 500+ leases for retailers and 1,000+ leases for landlords and completed more than $2.7 billion of investment sales, dispositions and financing for investors. For more news, videos and research from JLL's Retail Group please visit: www.jllretail.com. 

Zyscovich Architects
Zyscovich Architects is an integrated urban design, architecture, and interior design firm widely recognized as a leader in the design of urban projects. The firm's broad range of experience includes large-scale mixed-use, transportation, educational, commercial, retail, and multi-family residential, and hospitality projects. Zyscovich's professional staff includes registered architects and interior designers, LEED Accredited Professionals, certified urban planners, and construction professionals, allowing the firm to provide an integrated approach from inception through completion.  

MG Engineering
MG Engineering is a full-service consulting engineering firm practicing in all major engineering disciplines including mechanical, electrical, fire alarm, plumbing & IT services. MG Engineering strives to provide comprehensive, best-in-class engineering services that embrace architectural aesthetics, visualize projects from the client's perspective and implement cost methodologies to deliver superior quality projects.  

Sensory Interactive
Sensory Interactive is a consulting firm that designs and implements digital media projects for the built environment. Since the company was founded in 2004, they have successfully developed, launched, and provided operational support for digital media platforms covering a variety of vertical markets, including digital out-of-home, sports arenas, hospitals, convention centers, retail centers, malls, and education facilities. Sensory provides services covering the full lifecycle of a digital media project, from initial planning and conceptual design through installation, content development, and ongoing operations.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate.  JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 70,000.  On behalf of its clients, the company provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.