T.J. Maxx parent signs massive retail lease at Shaoul’s 140 West

Retailer to take 66K sf for Marshalls
January 16, 2017 08:03AM

from left: 140 West Street, Ben Shaoul and Marshalls

Marshalls will join Downtown retailers like Century 21, Zara and Urban Outfitters after its parent company signed a lease for 66,000 square feet at 140 West Street.

TJX, the parent company of Marshalls and T.J. Maxx, scooped up the space late last year at the base of the historic Verizon building, which Ben Shaoul’s Magnum Real Estate TRData LogoTINY and CIM Group are converting to condos, the New York Post reported.

Marshalls will take a small portion of the first floor and two lower levels in the deal that had an asking rent of $350 per square foot on the ground floor and $100 per square foot on the lower level.

Shaoul and CIM purchased the retail space for $40 million in 2014.

The property covers a full block between Barclay, Vesey, West and Washington streets.

Retail giants Nike and Under Armour had previously had their eyes set on the retail offering, which totaled 100,000 square feet. There is still space available after the Marshalls deal, but it’s not clear whether Nike and Under Armour are still game for it.

Ripco Real Estate’s Peter Ripka and Richard Skulnik negotiated on behalf of the tenant., while David Tricarico of Cushman & Wakefield represented ownership. [NYP] – Rich Bockmann