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02/16/2022

Five Below to open flagship in Times Square’s E*Walk

Marianne Wilson
Editor-in-Chief
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Five Below and Target are among the tenants signed for Tishman’s renovated E*Walk retail and entertainment center in Times Square.

The tenant lineup for the renovated E*Walk in Manhattan’s Times Square is filling up.

JLL has completed a 10,000-sq.-ft., two-floor lease with tween and teen value-retailer Five Below at E*Walk, Tishman’s retail, entertainment and experiential retail complex on 42nd St. in Times Square. Five Below’s lease coincides with the center’s planned spring 2022 opening of a small-format Target and the completion of a $60 million capital improvement and renovation of the retail complex and signage. The plan encompasses virtually every aspect of the property, including an in-place renovation of the U.S. flagship of Regal Cinemas.

Tishman Realty Corp. began development of E*Walk Retail in 1995 as part of the revitalization of 42nd Street, one of the largest urban renewal programs in the United States. In December 2016, the property owner launched a complete renovation, re-branding, upgrade and enhancement program that will transform the property into a top destination for large-format retailers, apparel retailers and experiential entertainment users.

Tishman Realty hired a team of experts that included JLL, Zyscovich Architects, MG Engineering and Sensory Interactive to help conceive the new plans and market the 240,000-sq.-ft. retail complex for lease. After new leases with Target, Five Below and the newly re-configured Regal E*Walk Stadium, only prime, ground-floor, small spaces remain available for lease in the project.

Erin Grace, managing director, and Hilary Sievers, VP, with JLL, represented Five Below in the transaction. The Tishman Realty team of James Fitzgerald and Corinne Walker, along with Patrick A. Smith, vice chairman, and Corey Zolcinski and Matt Ogle, executive VPs, with JLL, represented ownership.

“E*Walk occupies a prime location for retailers,” Smith said. “The site is located along 42nd Street between Seventh and Eighth Avenues on one of the busiest intersections in New York City, with 94,000 daily passers-by and 65 million commuters a year from the nearby subway stations and Port Authority Bus Terminal. E*Walk’s location, adjacent to Times Square’s ‘Bowtie’ area, provides an incredible opportunity for retailers seeking a flagship-type store at competitive rental rates.”