Samsung opts to leave Time Warner Center

Stephen Ross, chairman of the Related Companies, and the Time Warner Center

The Samsung Experience showroom is departing the Time Warner Center at Columbus Circle in January, the New York Post reported, as 10-year leases signed at the center when the project opened begin to expire.

Samsung’s departure from the third floor, as well as the closure of the Borders bookstore space on the second floor, which is now vacant after the chain went bankrupt, leaves building owner the Related Companies with some interesting leasing options, the Post noted. The 10,000-square-foot Samsung space could be combined with the Borders space to create a duplex.

Thus far, the Columbus Circle mall has defied negative expectations; the stores are reportedly averaging more than $1,600 a square foot per year in sales and may even eclipse $2,000 a foot next year. It was recently reported that Related was urging some of its lower-level tenants to leave when their leases expire in the next few months so they could be replaced with higher-end retailers. [Post, 2nd item]