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Times Square surges with new, large-block leases

  • ​Increased activity in Times Square was a major highlight of the third quarter, where four of the quarter’s five largest leases were signed. The four deals comprise nearly half of all transactions in the corridor YTD.
  • Times Square availability, which sat at 8.8% at the end of Q3 2017, will dip even lower once these new leases are accounted for; this bodes well for the market given Times Square’s position as one of Manhattan’s most prominent retail corridors.
  • The largest lease was signed by Lionsgate Entertainment at 11 Times Square, which will be taking 47,000 sf across three floors. The fifteen-year deal will include some mezzanine space as well.
  • Cosmetics giant Sephora was also among new entrants to the corridor at 1535 Broadway, capitalizing on the growing wave of beauty retailers expanding across the city.
Source: JLL Research

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