A new flagship store for international fashion retailer Joseph Abboud will be located within The Palladium at AOL Time Warner Center, the mixed-use complex under construction at Columbus Circle.
"This is another major retail lease for this landmark development and shows the great confidence that a major international retailer such as Joseph Abboud has in this project and this location. We are excited that Joseph Abboud will join an extraordinary array of American and international fashion retailers at the new hub of luxury shopping in New York City, " said Kenneth A. Himmel, president and chief executive officer of The Palladium Company, one of the development partners.
"We are thrilled to be locating a Flagship Joseph Abboud store within The Palladium at AOL Time Warner Center. This location is unrivaled in the world and the new complex will be a perfect showcase for the Joseph Abboud men's wear products and our future women's wear collection. We know that New Yorkers and international visitors alike will be attracted to this spectacular new store in what will undoubtedly be an international shopping destination," said Robert J. Wichser, president and chief operating officer of JA Apparel.
The Joseph Abboud store will occupy approximately 6,500 square feet on two levels of The Palladium including the ground floor and mezzanine level. The company has signed a ten year lease for the location within The Palladium at the AOL Time Warner Center. The company is also looking for a midtown Flagship location which it has targeted for a late Fall 2001 or Spring 2002 launch.
"This lease evidences further confidence that world renown retailers in the business community have shown in this landmark development," said William L. Mack co-founder and managing partner of Apollo Real Estate Advisors L.P. a development partner.
" We are thrilled that Joseph Abboud has chosen The Palladium at AOL Time Warner Center for a Flagship store. The high quality of the Joseph Abboud brand will clearly complement the luxury retailers that will make this one of the world's premier shopping destinations, " said Stephen M. Ross chairman and CEO of The Related Companies, one of the development partners.
The development team consists of three highly respected New York based development and finance entities, The Related Companies, L.P., Apollo Real Estate Advisors, L.P., and The Palladium Company. The Newmark New Spectrum retail team of Laura Pomerantz and John Brod represented Joseph Abboud in the transaction.
AOL Time Warner Center will combine: AOL Time Warner's New Facilities which will include office and studio space of 864,000 square feet for the world's largest media company, with state-of-the-art digital production and broadcast facilities for live transmission of CNN and CNNfn. The Palladium, an extraordinary retail venue of 364,000 leasable square feet consisting of luxury specialty retail stores, destination restaurants, entertainment uses and grand public spaces. The Residences which will consist of 191 luxury condominiums offering exceptional views of Central Park and the highest levels of amenities and services.
The Mandarin Oriental Five-Star Luxury Hotel consisting of 251 guestrooms which will be among the finest guest and meeting room facilities in New York City. The hotel will have extraordinary banquet facilities and grand public spaces with spectacular views of Central Park. Jazz at Lincoln Center, which will house the first and only performance spaces in the world, created specifically for jazz performances. The new spaces include a concert theatre of 1,100 seats, a 600-seat performance atrium, and a 140 seat jazz cafe recording studios and classroom space. Class A office space of 201,000 rentable square feet, which will offer expansive views of Central Park and the most advanced mechanical and technological amenities and services. The corporate offices of the development partners,
The Related Companies L.P., Apollo Real Estate Advisors, L.P., and The Palladium Company will be located in the new space. Parking to accommodate 504 cars with 24 hour valet service will be available in three below grade levels.