New York -- Herald Center, the giant 10-story, 250,000-sq.-ft. black glass retail and office property at the southwest corner of 34th Street and Broadway in Manhattan, is about to undergo a major transformation under long-time owner JEMB Realty. The property will be completely reclad to create a new leasing opportunity encompassing more than 50,000 sq. ft. of prime retail space at one of the most heavily trafficked, high-visibility corners in the world.
Built in 1982 on the site of the former Korvette's discount store, Herald Center was originally conceived as a vertical mall. JEMB Realty, which acquired the property in 1986, is turning the property "inside out" in 2013, removing the black glass panels on the first three floors and replacing them with transparent panes that will enable flagship retailers to showcase their brand and goods to the more than 100 million pedestrians who pass the property each year.
In addition to the new facade on the base floors, floors four to10 will be transformed with L.E.D. panels.
Three floors of visibility as well as frontage on both Broadway and 34th Street will be available upon completion of JEMB's multi-million dollar facade replacement plan.
"For a few lucky retailers, the new Herald Center really will be a Miracle on 34th Street," said Morris Bailey, principal of JEMB Realty. "The stunning redevelopment of our retail space creates a tremendous opportunity for a retailer to capture a remarkable audience, to take command of one of the greatest landmark locations in the nation."
Over 100 million pedestrians pass through the intersection of 34th Street and Broadway every year, and merchants in Herald Square generate over $1.3 billion in annual sales. Over 20 million shoppers visit Macy's flagship department store directly across 34th Street from Herald Center. And over 550,000 daily commuters use nearby Penn Station.
Susan Kurland, EVP retail brokerage services for CBRE, is the exclusive leasing agent for Herald Center.