Zoned out

Early Times Square pioneer restaurant tenant ESPN Zone has been shuttered by its parent organization, leaving a 42,500 square-foot space to fill at 4 Times Square.

The building is also known as the Condé Nast Building for its largest tenant that has over 700,000 square-feet, while the law firm Skadden Arps also has about 650,000 square-feet.

The asking rent for the retail space is about $12.3 million per year or a blended $290 per square-foot. According to the spring retail report released by the Real Estate Board of New York last week, asking rents along Broadway in Times Square range from $1,300 to $2,000 per foot.

The ESPN space is currently being transformed into a light, bright retail space.

“We have this spectacular opportunity and a great flagship location,” said John Grotto, senior leasing manager of the Durst Organization which owns the skyscraper.

The space has not been available since 1999. “The market then was different and now retailers in Times Square are doing $3,000 to $4,000 a foot in sales,” said Grotto. “It’s exciting. The Square is evolving into something else.”

The current space has three floors but a former VIP mezzanine area is expected to be stripped out to show off its soaring ceiling. It was originally built out by ESPN Zone to resemble the bowels of a sports arena.

“ESPN fabricated a lot of steel and extra columns,” said Grotto. “Now everyone wants transparency and looking in.”

The Durst Organization unveiled the space at Mandalay Bay Aureole restaurant last night as part of the International Council of Shopping Centers convention. “We hope we can attract someone as excited as we are,” said Grotto.