Toys “R” Us flagship to leave Times Square space

May 22, 2013 12:30PM

Toys “R” Us plans to vacate its signature 100,000-square-foot space in Times Square — Ferris wheel and all — by 2016, Crain’s reported.

If the toy retailer were to renew its retail space at 1516 Broadway, the annual rent would jump to more than $50 million a year under current market levels. It has the option to renew its lease for an extended period of time, but it’s unclear if it will, Crain’s said. Ground-floor retail space in Times Square goes for $2,000 per square foot.

Brad Mendelson of Cushman & Wakefield is overseeing the upcoming vacancy on behalf of landlord Charles Moss. The brokerage firm has been marketing the space at the International Council of Shopping Centers’ annual retail conference, RECon.

However, the building is up against some competition in the area. Vornado Realty Trust is planning a large retail space at the base of the Marriott Marquis to open in 2015. [Crain’s]Mark Maurer