Vornado Realty Trust Announces Primark will Open its First Manhattan Store in THE PENN DISTRICT
Vornado Realty Trust (NYSE:VNO) has announced that Primark, the international clothing retailer, will open its first Manhattan store in THE PENN DISTRICT. Primark has signed a 78,760 square foot lease at 150 West 34th Street, a prime location in Manhattan. Ed Hogan, EVP Retail Leasing at Vornado, expressed excitement about Primark joining the rapidly transforming PENN DISTRICT, which is becoming a top destination for shopping, dining, and entertainment in New York.
This development aligns with Vornado's vision of creating a dynamic new district with high-quality retail, restaurants, and lifestyle offerings. The company views this as a significant step in enhancing THE PENN DISTRICT's appeal and attracting more visitors to the area.
Vornado Realty Trust (NYSE:VNO) ha annunciato che Primark, il rivenditore internazionale di abbigliamento, aprirà il suo primo negozio a Manhattan nel DISTRETTO PENN. Primark ha firmato un contratto di locazione di 78.760 piedi quadrati presso 150 West 34th Street, una posizione strategica a Manhattan. Ed Hogan, EVP Retail Leasing di Vornado, ha espresso entusiasmo per l'ingresso di Primark nel DISTRETTO PENN in rapida trasformazione, che sta diventando una delle principali destinazioni per lo shopping, la ristorazione e l'intrattenimento a New York.
Questo sviluppo è in linea con la visione di Vornado di creare un nuovo distretto dinamico con un'offerta di retail, ristoranti e lifestyle di alta qualità. L'azienda considera questo un passo significativo per potenziare l'attrattiva del DISTRETTO PENN e attrarre un numero maggiore di visitatori nella zona.
Vornado Realty Trust (NYSE:VNO) ha anunciado que Primark, el minorista internacional de ropa, abrirá su primera tienda en Manhattan en el DISTRITO PENN. Primark ha firmado un contrato de arrendamiento de 78,760 pies cuadrados en 150 West 34th Street, una ubicación privilegiada en Manhattan. Ed Hogan, EVP de Arrendamiento Retail en Vornado, expresó su entusiasmo por la incorporación de Primark en el en transformación rápida DISTRITO PENN, que se está convirtiendo en un destino principal para compras, restaurantes y entretenimiento en Nueva York.
Este desarrollo se alinea con la visión de Vornado de crear un nuevo distrito dinámico con comercio, restaurantes y ofertas de estilo de vida de alta calidad. La empresa considera este un paso significativo para aumentar el atractivo del DISTRITO PENN y atraer a más visitantes a la zona.
Vornado Realty Trust (NYSE:VNO)는 국제 의류 소매업체인 Primark가 PENN DISTRICT에서 맨해튼 첫 매장을 열 것이라고 발표했습니다. Primark는 150 West 34th Street에 78,760 평방 피트 임대 계약을 체결했습니다. 이는 맨해튼의 주요 위치입니다. Vornado의 소매 임대 담당 부사장인 Ed Hogan은 빠르게 변화하고 있는 PENN DISTRICT에 Primark가 합류하게 되어 기쁘다고 밝혔습니다. 이 지역은 뉴욕에서 쇼핑, 식사 및 엔터테인먼트를 위한 최고의 목적지로 떠오르고 있습니다.
이번 개발은 고품질 소매, 레스토랑 및 라이프스타일 서비스를 갖춘 역동적인 새로운 지역을 만들려는 Vornado의 비전과 일치합니다. 이 회사는 이것이 PENN DISTRICT의 매력을 높이고, 해당 지역에 더 많은 방문객을 유치하는 데 중요한 단계라고 생각합니다.
Vornado Realty Trust (NYSE:VNO) a annoncé que Primark, le détaillant international de vêtements, ouvrira son premier magasin à Manhattan dans le DISTRICT PENN. Primark a signé un bail de 78 760 pieds carrés au 150 West 34th Street, un emplacement de choix à Manhattan. Ed Hogan, vice-président exécutif de la location au détail chez Vornado, a exprimé son enthousiasme à l'idée de voir Primark rejoindre le DISTRICT PENN, qui se transforme rapidement et devient une destination prisée pour le shopping, la restauration et les divertissements à New York.
Ce développement s'inscrit dans la vision de Vornado de créer un nouveau district dynamique avec des offres de retail, de restaurants et de style de vie de haute qualité. L'entreprise considère cela comme une étape significative pour renforcer l'attrait du DISTRICT PENN et attirer davantage de visiteurs dans la région.
Vornado Realty Trust (NYSE:VNO) hat bekannt gegeben, dass Primark, der internationale Bekleidungseinzelhändler, sein erstes Geschäft in Manhattan im PENN DISTRICT eröffnen wird. Primark hat einen 74.000 Quadratfuß umfassenden Mietvertrag für 150 West 34th Street unterzeichnet, einen erstklassigen Standort in Manhattan. Ed Hogan, EVP Retail Leasing bei Vornado, äußerte sich begeistert über den Beitritt von Primark zum sich schnell verändernden PENN DISTRICT, das sich zu einem wichtigen Ziel für Einkaufen, Essen und Unterhaltung in New York entwickelt.
Diese Entwicklung entspricht Vornados Vision, ein dynamisches neues Viertel mit hochwertigen Einzelhandels-, Restaurant- und Lifestyle-Angeboten zu schaffen. Das Unternehmen betrachtet diesen Schritt als bedeutenden Fortschritt zur Steigerung der Attraktivität des PENN DISTRICT und zur Gewinnung weiterer Besucher in die Region.
- Secured a large 78,760 square foot lease with Primark
- Attracted a major international retailer to THE PENN DISTRICT
- Enhancing the appeal and value of Vornado's real estate in the area
- None.
Insights
The lease agreement with Primark for a 78,760 square foot store in THE PENN DISTRICT is a significant win for Vornado Realty Trust. This deal demonstrates the company's ability to attract major retail tenants to its properties, potentially increasing foot traffic and property value in the area. The PENN DISTRICT's ongoing transformation into a prime retail and lifestyle destination could lead to increased demand for Vornado's commercial spaces in the vicinity.
However, it's important to note that the retail sector has faced challenges in recent years, particularly in urban centers. The success of this venture will depend on Primark's ability to draw customers and Vornado's continued efforts to revitalize the area. While this lease is a positive development, investors should monitor the overall occupancy rates and rental income trends in Vornado's portfolio to gauge the broader impact on the company's financial performance.
Primark's decision to open its first Manhattan store in THE PENN DISTRICT is a strategic move that could benefit both the retailer and Vornado. For Primark, this represents a significant expansion into one of the world's most important retail markets. The 78,760 square foot space indicates a substantial investment and confidence in the location.
For Vornado, securing a popular international retailer like Primark as a tenant could serve as an anchor, attracting other high-profile brands and potentially increasing the value of surrounding properties. This aligns with the trend of creating mixed-use urban centers that combine retail, dining and entertainment experiences. The success of this store could set a precedent for future leases in THE PENN DISTRICT, potentially leading to increased rental rates and property values for Vornado in the long term.
NEW YORK, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that Primark, the international clothing retailer, has signed a 78,760 square foot lease to open its first Manhattan store at 150 West 34th Street in THE PENN DISTRICT, one of the most desirable and convenient locations in Manhattan.
“THE PENN DISTRICT is transforming into a dynamic new District offering the best in class of retail, restaurants and lifestyle offerings. We are excited for Primark to open its first Manhattan location in this vibrant neighborhood,” said Ed Hogan, EVP Retail Leasing at Vornado. “As THE PENN DISTRICT is quickly becoming New York’s top destination for exceptional shopping, dining, and entertainment, we look forward to working with the Primark team as they welcome their first Manhattan customers to experience all that the new store – and neighborhood – has to offer.”
Vornado Realty Trust is a fully-integrated equity real estate investment trust.
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FAQ
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