44 Union Square Leases Three Levels to National Retailer

Rhea-AI Summary

Reading International, Inc. (NASDAQ: RDI) announced a multi-year lease for three levels of 44 Union Square in New York City, secured with a prominent international retailer. This lease marks a significant milestone in the redevelopment of the historic Tammany Hall, which has been converted into a modern office and retail space. Executives emphasized the importance of this agreement for the Union Square area and the company's commitment to completing the leasing process for the remaining upper levels. The redevelopment has received several industry awards for its design and adaptation.

Positive

• Secured a multi-year lease with a strong credit retailer for 44 Union Square.
• Significant milestone for the redevelopment of historic Tammany Hall.
• Recognition from industry peers through multiple design awards.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Reading International, Inc. (NASDAQ: RDI) (the “Company”), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia, and New Zealand, today announced that its subsidiary, Reading Tammany Owner, LLC, has signed a multi-year lease with a leading international retailer for three levels (ground, second and cellar) of 44 Union Square in New York City.

44 Union Square, exterior picture (Photo: Business Wire)

44 Union Square is the newly redeveloped historic Tammany Hall that sits prominently at the intersection of 17^th Street and Union Square East in Manhattan and serves as the iconic and monumental northeast anchor to Union Square Park. The building formerly served as the last headquarters for the New York City political organization, Tammany Hall, which inspired a daring and iconic design that commemorates New York City history.

Margaret Cotter, Reading’s Executive Vice President - Real Estate Management and Development, said, “Signing this long-term lease with a strong credit retailer is an important milestone for our 44 Union Square development and is a testament to the resiliency of New York City and the desirability of Union Square as a key and vibrant location for tenants. We are delighted to make this announcement and we look forward to completing the leasing of the remaining upper four levels of the building in New York City, which continues to be one of the world’s most dynamic cities for commercial real estate.”

Reading and its consultant team, including architects BKSK, developed the former Tammany Hall to celebrate its historic significance while giving it new life as a spectacular modern office and retail building with new infrastructure and mechanical systems.

This redeveloped asset continues to receive recognition from industry peers. In 2021, 44 Union Square was awarded the (i) Design Award of Honor in the Renovation, Restoration and Adaptive Re-use category by the Society of American Registered Architects, (ii) 1st Place Addition Award by Retrofit Magazine, (iii) the Architecture + Collaboration Popular Choice Winner by the Architizer A+ Awards and (iv) the Architecture + Collaboration Jury Winner by the Architizer A+ Awards.

About Reading International, Inc.
Reading International, Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company operating through various domestic and international subsidiaries, is a leading entertainment and real estate company, engaging in the development, ownership, and operation of cinemas and retail and commercial real estate in the United States, Australia, and New Zealand.

Reading’s cinema subsidiaries operate under multiple cinema brands: Reading Cinemas, Angelika Film Centers, Consolidated Theatres, and the State Cinema. Its live theatres are owned and operated by its Liberty Theaters subsidiary, under the Orpheum and Minetta Lane names. Its signature property developments are maintained in special purpose entities and operated under the names Newmarket Village, Cannon Park, and The Belmont Common in Australia, Courtenay Central in New Zealand, and 44 Union Square in New York City.

Additional information about Reading can be obtained from the Company's website: http://www.readingrdi.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220202005397/en/

Investor Relations Contact

Reading International, Inc.

Gilbert Avanes, Executive Vice President & Chief Financial Officer

Andrzej Matyczynski, Executive Vice President for Global Operations

(213) 235-2240

Press Contact

Joele Frank, Wilkinson Brimmer Katcher

Kelly Sullivan or Kara Brickman

(212) 355-4449

Source: Reading International, Inc.

FAQ

What recent leasing deal did Reading International, Inc. announce?

Reading International announced a multi-year lease for three levels of 44 Union Square in New York City with a prominent international retailer.

What is the significance of the 44 Union Square development for Reading International, Inc.?

The development represents a milestone for the company, highlighting the demand for commercial space in New York City.

What awards has the 44 Union Square redevelopment received?

The redevelopment has received multiple awards including the Design Award of Honor and 1st Place Addition Award.

How does the lease at 44 Union Square impact Reading International, Inc. investors?

The lease is expected to enhance the value of the property and provide steady rental income, positively impacting investor confidence.

What are the future plans for 44 Union Square after the recent lease announcement?

Reading International plans to complete the leasing of the remaining upper four levels of the building.