H&M inks 35K sf lease in Jamaica
Fast-fashion retailer takes space at United American Land redevelopment
Jamaica is ready to say hello – or, rather, “halloj” – to its newest retailer.
Swedish fast-fashion giant H&M has signed a 35,000-square-foot lease at United American Land’s 150,00-square-foot retail redevelopment on the neighborhood’s main shopping drag, the New York Post reported.
H&M will take part of the first and second floors in the buildings at 160-08,160-16 and 161-02 Jamaica Avenue that United American Land is connecting with one another.
Burlington Coat Factory has already signed a lease for 70,000 square feet on the property’s two upper floors.
UAL had a relationship with H&M after building a home for the retailer’s first Brooklyn store at the company’s development at 505 Fulton Street.
UAL principal Albert Laboz said the deal with the “transformative” retailer “validates the retail power of Jamaica Avenue.”
Bob Gibson of JLL [TRDataCustom] represented H&M, while Ralph Chera of Chera Realty Group negotiated on behalf of UAL. Asking rent was $100 per square foot. H&M is expected to open in the spring of 2018.
H&M last year opened its largest store in the world: a 63,000-square-foot flagship in Herald Square. [NYP] – Rich Bockmann