Nero of Avison Young and Maragos of CBRE arrange lease for Hershey’s; White of Witkoff represents building ownership

September 20, 2016 - Shopping Centers
20 Times Square - New York, NY 20 Times Square - New York, NY

New York, NY Avison Young and CBRE have arranged a new lease and relocation to 701 7th Ave. - commonly known as 20 Times Sq. - for Hershey’s Chocolate World flagship Times Sq. location, the popular interactive midtown retail experience.

Hershey signed a lease for ground floor space at the building located at 47th St. and Seventh Ave., currently being developed into a 452-key five-star EDITION hotel above 70,000 s/f of multi-level retail space and 17,000 s/f of outdoor signage. This also represents a major Manhattan expansion for Hershey, as the brand will be relocating to a space three times as large as their existing Hershey’s Chocolate World Times Sq. site at 48th and Broadway.

The Hershey Co. was represented by Jedd Nero, a principal and executive managing director of retail services for the Avison Young New York office along with George Maragos, senior vice president from CBRE’s Chicago’s office, who serves as the single point of contact for CBRE’s relationship with The Hershey Company. Sherri White, executive vice president and partner with Witkoff represented building ownership in the negotiations. CBRE’s New York office represents the landlord of 20 Times Sq.

Hershey anticipates a late 2017 opening for the expanded store. The deal also represents the second major retail tenant at the property, following the recent announcement of the new NFL Times Sq. experience (presented by Cirque du Soleil) that will also be moving into the building.

“We negotiated to have two entrances for Hershey, one adjacent to the NFL Experience on Seventh Ave. and another on West 47th St., adjacent to the EDITION hotel. The combination of Hershey’s Chocolate World retail experience, NFL Experience, the EDITION hotel and others to be announced, will attract millions of people per year, making 20 Times Sq. one of the most recognizable locations in the Bow-Tie and a must see on every tourists list,” said Nero.

The 20 Times Sq. building is a 39-story, 350,000 s/f mixed-use project comprising the new EDITION hotel, 70,000 s/f of retail, and a 17,000 s/f outdoor sign, one of the largest LED screens in Times Sq.

Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 78 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multifamily properties.

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