One of New York City's most important and complex retail transactions of the year took place in April, when legendary retailer T.J. Maxx signed a lease for three floors of retail space at 250 West 57th Street.

The store, which will encompass 27,639 square feet on the ground floor, lower level, and second floor, will be the retailer's third in Manhattan. It is expected to open in time for the 2010 holiday season.

"This is a significant event for the neighborhood," says Fred C. Posniak, senior vice president of W&H. "This lease is the first to fill the gap between the 57th Street shopping corridor west of Broadway and Time Warner Center. We have two retail spaces, the current Gap store on 57th Street and a pizzeria on 8th Avenue, which have leases that expire soon and which offer fantastic opportunities to take full advantage of the customer base that will be drawn to the new T.J. Maxx store."

The transaction also is another milestone in the repositioning of the nine-building W&H Pre-War Trophy portfolio. "We continue to attract prestigious, rock-solid national tenants in both the retail and office sectors as a result of our comprehensive upgrading and modernization of all nine properties, combined with our flexible, 'get it done' approach to deal-making," says Mr. Posniak.

Ownership was heavily involved in the complicated transaction. "In order to make this happen, we had to secure rezoning to allow for dedicated unloading for a big-box retailer, negotiate with Chase Bank to buy out of its remaining lease obligation, relocate several office tenants off the second floor, including the building's management office, and shrink the lower level of an existing retail tenant," explains Mr. Posniak. "We also worked closely with our consultants to secure approvals from the Department of Transportation and the Department of Buildings to permit big-box retail."

For T.J. Maxx, the space provides a strategically important footprint in an increasingly prominent retail area, with growing residential and commercial density, as well as extraordinary accessibility via public transportation.

"T.J. Maxx recognized the unique value of this location in broadening its presence in the Manhattan market," says Mr. Posniak. "Columbus Circle and the 57th Street corridor have become one of Manhattan's retail hot spots. There is huge potential here."