H&M is leaving its current flagship store at 2 Herald Square across the street from Macy’s, making way for another major brand to lease the 60,500-square-foot space.
The fashion retail powerhouse will be relocating across the street to Herald Center in mid-2016, where it will open its largest store worldwide, the New York Observer reported. Its current location — at West 34th Street and Broadway across the street from Macy’s — spans the basement through third levels.
Cushman and Wakefield’s David Green, Steven Soutendijk and Brad Mendelson are marketing the property and would not disclose asking rents, though ground-floor space nearby on 34th Street goes for approximately $1000 per foot.
“2 Herald Square is an ideal flagship location for any brand looking for a prominent New York City presence,” said Green.
Other tenants in the 11-story Sitt Asset Management-owned building include Victoria’s Secret, Publicis and Mercy College. Monday, Eddie Sitt filed a lawsuit seeking to boot his brothers and fellow Sitt principals, Ralph and David, from the firm. Sitt purchased the building for $500 million in 2007. [NYO] — Tess Hofmann