FAO Schwarz in talks to take 1633 Broadway space

Toy retailer likely to leave current GM Building location

New York /
May.May 07, 2015 05:10 PM

FAO Schwarz is in negotiations to move to Paramount Group’s 1633 Broadway office tower north of Times Square.

The retailer would take space in the building’s basement, which is connected to a large public plaza along Broadway. Paramount, which owns the 48-story, 2.4 million-square-foot tower, is reportedly considering creating a more prominent entryway in The Plaza that would lure shoppers to the new FAO Schwarz.

The iconic toy store is set to leave its 65,000-square-foot space at Boston Properties’ GM Building at 767 Fifth Avenue, after the REIT said it may work with FAO to “expedite” the retailer’s departure before its lease expires at the end of next year.

FAO currently pays less than $300 per square foot at the space, which would likely command $2,000 per square foot for the ground floor, according to Crain’s.

The retailer would be able to take roughly the same amount of space at 1633 Broadway that it currently has, Crain’s reports, while the new space would reportedly be similar to the Apple Store’s at the GM Building.

FAO’s arrival in the Times Square area would come as parent company Toys R Us prepares to leave its 110,000-square-foot flagship retail space at 1514 Broadway. [Crain’s]Rey Mashayekhi


Related Articles

arrow_forward_ios
Clockwise from top left: Boston Properties' Owen Thomas; Empire Real Estate Trust's Tony Malkin; Equity Commonwealth's David Helfand; Columbia Property Trust's Nelson Mills; SL Green's Marc Holliday; Vornado Realty Trust's Steve Roth; and Brookfield's Brian Kingston (Getty)

Office unease: Tenants are paying up but staying away

Office unease: Tenants are paying up but staying away
Mort Zuckerman and Harry Macklowe with 510 Madison Avenue (Getty, Google Maps)

Harry Macklowe sues Boston Properties for $30M

Harry Macklowe sues Boston Properties for $30M
From left: Paramount CEO Albert Behler, 1301 6th Avenue, 712 5th Avenue, 31 West 52nd Street (Getty; Google Maps)

Paramount Group back at work, but tenants waiting until 2021

Paramount Group back at work, but tenants waiting until 2021
Boston Properties CEO Owen Thomas (Photo by Axel Dupeux)

Boston Properties’ Q3 income drops 17%

Boston Properties’ Q3 income drops 17%
From left: 1633 Broadway, Paramount CEO Albert Behler, and 1301 Sixth Avenue (1633 Broadway and 1301 Sixth Avenue via Google Maps; Behler by Sean Zanni/Patrick McMullan via Getty Images)

Paramount staff did not enjoy working from home: Q2 earnings

Paramount staff did not enjoy working from home: Q2 earnings
Boston Properties president Doug Linde and an Ann Taylor store (Getty)

Major retailers are squatting on prime real estate

Major retailers are squatting on prime real estate
Harry Macklowe and the GM Building at 767 Fifth Avenue (Getty, Michele Ursino via Flickr)

Harry Macklowe is behind on rent for HQ at GM Building: report

Harry Macklowe is behind on rent for HQ at GM Building: report
1633 Broadway and Paramount CEO Albert Behler (Google Maps, Getty)

TRD Insights: The rents at Paramount Group’s 1633 Broadway

TRD Insights: The rents at Paramount Group’s 1633 Broadway
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...