The Real Deal New York

Thor plans massive Takashimaya revamp

July 12, 2010 05:30PM

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Takashimaya building

One of the few unlandmarked buildings in Fifth Avenue’s key retail
corridor could see a major revamp in the coming months, according to
the Wall Street Journal. After buying the Takashimaya building for $142 million in June,
Thor Equities plans to transform the building, which sits between 54th
and 55th streets, into an eight-floor retail hub. The real estate
developer is set to expand 693 Fifth Avenue’s retail space to 6,300
square feet, from its current level of 3,500 square feet, while also
completely revamping the building’s facade — a renovation that Thor
wouldn’t have been able to begin had the building been landmarked.
Japanese retailer Takashimaya first announced
that commercial real estate services firm Jones Lang LaSalle would
represent the sale of the property in April. While there is no word yet
which tenants Thor may be courting for the space, industry experts say
that the company will likely attract tenants willing to pay upwards of
$2,500 per square foot. [WSJ]

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