Manhattan, NY Tishman Realty Corp. has completed a transaction to extend and upgrade the Regal Cinemas as one of its anchor tenants at its 200,000 s/f E*Walk Retail and Entertainment complex located on 42nd St. in Times Sq. The Regal lease extension is the first transaction since the renovation was launched and will serve as the catalyst for the launch of the redevelopment.
Tishman is in the midst of transforming E*Walk into one of the foremost retail shopping and entertainment destinations for residents and tourists alike. The Regal theatre renovation features luxury recliners with reserved seating in all auditoriums, an expanded food menu, a 4DX auditorium, the Regal Premium Experience auditorium and soon to open IMAX VR experience. With these amenities, along with the recent announcement of the “Lionsgate Entertainment City” lease across the street from the project, continues to solidify West 42nd St. as one of the pre-eminent entertainment destinations in the world.
To help with the redevelopment effort, Tishman has engaged a team of experts that includes Patrick Smith, Erin Grace, Corey Zolcinski and Matt Ogle of Jones Lang Lasalle as leasing respresentative, and Zyscovich Architects, MG Engineering and Sensory Interactive to help design and execute the redevelopment.
Smith said, “E*Walk is a prime location for retailers, located along 42nd St. between Seventh and Eighth Ave., on one of the busiest intersections in New York with 94,000 passer-byers daily and 65 million commuters a year from the nearby subway stations and Port Authority Bus terminal. E*Walk’s location and adjacency to Times Sq.’s ‘Bowtie’ provides an incredible opportunity for retailers seeking a ‘flagship’ type store at competitive rental rates.”
Tishman opened the E*Walk Retail and Entertainment complex on 42nd St. in 1999 as part of the revitalization of New York’s famed 42nd St., one of the largest urban renewal programs in the United States.
Early planning for the redevelopment commenced in mid-2015 says Joseph Simone of Tishman Realty Corp. “We see an opportunity for a re-branding and enhancement program that will transform the property into a top destination for large format retailers and experiential entertainment users.”
The five-level retail complex offers maximum flexibility, with anchor spaces ranging from 20,000 square feet to 50,000 square feet and multiple small tenant configurations also available. The proposed spaces will be able to accommodate both large- and small-format retail, apparel and entertainment uses, with an additional 20,000 square feet of billboard and dynamic multimedia signage available to maximize retailer branding. Originally conceived and developed as retail, E*Walk also offers 400-foot by 100-foot floorplates, high ceiling heights, and the opportunity for retail users to create dramatic double height store fronts. The redevelopment is expected to be completed in 2020.