Popular fashion retailer Express has its eye on a new mega-location — 4 Times Square, the Conde Nast headquarters building at Broadway and 42nd Street, the “Crossroads of the World.”
Sources said the chain and landlord the Durst Organization are close to a deal for Express to take a mammoth 45,000 square feet on four levels. The floors overlooking the tourist-trampled corner were previously rented to the ESPN Zone theme restaurant, which moved out last March.
Although the deal is not complete and could still fall apart, sources said a lease just went out — meaning both sides have agreed to all the terms and are reviewing them.
There was no word on rent, but it could be one of the most expensive retail leases of all time. Estimates have gone as high as $45 million a year based on $1,000 per square-foot retail rents in the Times Square area. However, those figures usually apply only to ground-floor space.
Limited boasts over 600 stores in the US and Canada. Its target clientele are men and women aged 20-30.
Representatives for Durst and Express could not be reached.