quoted Vornado EVP Sandeep Mathrani as saying rent at Virgin's Times Square location is "$54 a square-foot when the market rent in the area is about $700." According to CoStar Tenant, Virgin leases 65,337 square feet at 1540 Broadway and two floors at 4 Union Square; both of which spaces are owned by Vornado.
Winick Realty Group is marketing the Virgin Megastore space in Union Square for lease on its website. Winick says the first floor is 31,035 square feet, the second floor is 26,600 square feet, totaling 57,695 square feet. The spot features 175' of frontage on 14th Street and 160' of frontage on Broadway. Winick says the space will be available February 2009.
This article appeared in CoStar's Retail News Roundup: Jun 15 to 21, 2008. The Roundup is a weekly column by CoStar senior news editor, Sasha Pardy, covering retail store expansions, closings, bankruptcies, acquisitions/mergers/sales, new retail developments, personnel changes, sustainability, and more. This week in the Retail Roundup, CoStar reports on expansions or new concepts at First Watch, Ruby Tuesday, and Tweeter; new retail developments in NY, CA and AZ; acquisition, merger, loan or sale activity at ExxonMobil, Pier 1, Tanger, Restoration Hardware, and Saks; closings, cutbacks or bankruptcies at Gap, SuperValu, and Virgin Megastores; personnel announcements at Regency Centers, Urstadt Biddle, Centro, and Lewis Retail Centers; sustainability at CBL; and more.