Eric Gelber of CBRE and Jason Vacker on behalf of the property’s ownership, a joint venture of Himmel + Meringoff and The Swig Company Negotiated the Transaction
New York, NY – June 10, 2016 – REBNY named Foot Locker’s 36,000-square-foot, four-level flagship store at the newly redeveloped 8 Times Square the “Most Significant Retail Deal of the Year” (2015) and recognized Eric Gelber, executive vice president of CBRE for his extraordinary efforts.
The Foot Locker lease emerged as the winner among 13 competing entries submitted by the city’s top real estate professionals all vying for the honor.
“We are thrilled that REBNY recognized this deal and all of Eric Gelber’s hard work. Eric and Jason Vacker, along with the Foot Locker team, worked collaboratively and tirelessly to bring the deal to fruition, and in the process re-drew the boundaries of Times Square,” said partners Stephen Meringoff and Leslie Himmel who, with their co-owners The Swig Company of San Francisco, own the building, which is also known as 1460 Broadway.
“The flagship Foot Locker superstore, scheduled to open this holiday season, signified an important milestone, marking the first time a major Times Square retailer crossed over 42nd street to Times Square South. The move redrew the boundaries of the submarket and helped forge the connection between Herald Square and Times Square,” continued Stephen and Leslie.
Mr. Gelber added, “My involvement with this building and this deal goes back several years, starting when we negotiated termination options with the previous tenants, and culminating with Foot Locker lease. I have been very fortunate during my career to work with some of the most talented people in our industry. This is the second time I have worked with the Himmel + Meringoff team and on both transactions REBNY bestowed deal of the year honors upon us. Both examples of great collaboration and execution.”
“We had closely studied this stretch of Broadway and knew that as we reimagined, redeveloped and re-branded this property it could be a game-changer for the market and for the right retailer,” added Mr. Vacker, “Eric was an ally from the start and shared our vision for what this property could be for Foot Locker and he worked with us tirelessly to make it happen. Eric and I often joked, as marathon runners, that this deal took a similar level of intensity and perseverance.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About The Swig Company
The Swig Company, LLC (www.swigco.com) is a privately-owned, San Francisco-based real estate operator and investor with a 78-year history of investment, development, partnership and management of commercial real estate properties in major markets throughout the United States. Founded in 1936 by Benjamin Swig, The Swig Company is today a vertically integrated platform that combines expertise in investment (both joint-ventures and wholly-owned assets), institutional-quality accounting and controls, proactive asset management, leasing, and property management, adds value to the portfolio and informs market perspective creating strong relationships among tenants, brokers, capital partners, and key community stakeholders. The Company’s real estate history provides a long-term perspective combined with agility and experience stewarding investors safely through many market cycles. These qualities have been the foundation for successful wealth creation and sustainability. With this foundation, The Swig company continues to evolve a platform to merge its legacy and “generational thinking” with a growth platform based on experience, flexibility and nimbleness, keeping the company at the forefront of emerging trends in the commercial real estate industry.
About Himmel + Meringoff
New York City-based Himmel + Meringoff Properties’ (www.hmprop.com) operate one of the largest privately owned portfolios in Manhattan. The company’s long-term investment strategy is based on successfully identifying and evaluating well-located but under-performing properties, and structuring complex transactions that are often highly customized to meet the disposition objectives of the property’s owners. H + M’s approach to acquisitions includes joint ventures, net leases with options to buy and partial sale-leasebacks. The company has a 35-year track record of financial success in creating value through repositioning, renovating, re-tenanting and adaptive reuse using strategic capital infusion and vertically integrated in-house management.