NEW YORK CITY—For people who literally love to be in the thick of things, Times Square is adding another tourist attraction. International entertainment operator Parques Reunidos plans to open an entertainment center where visitors will be able to live out the scenes when the plot thickens at some of Lionsgate’s most popular and top-grossing films. Fans wanting literally more drama in their lives will be able to join The Hunger Games, and in person add to the trilogy in the dystopian Chicago of Divergent.
SJP recently signed a lease with Parques Reunidos for the opening of “Lionsgate Entertainment City” as the anchor tenant to bring visitors to the over 1.1 million-square-foot commercial tower at 11 Times Square, which is owned by SJP in partnership with PGIM and Norgest Bank.
Following an agreement reached last November, Parques Reunidos will develop New York City’s first entertainment center of this kind. It brings role play of Lionsgate films and television programming to a whole new level. Spanning 45,000 square feet and three floors, perhaps resembling a Disneyland on steroids—and for grown-ups, the center will feature more than a dozen ongoing activities including a training course, climbing wall, a 4D flying center connecting length, depth, height and time, a Mad Men themed dining room and lounge, a John Wick: Chapter Two shooting ride, and a Nerve VR motorcycle experience. Parques Reunidos is also planning retail.
The build-out is estimated to take two years and to cost approximately $30 million. The opening is scheduled for August 2019.
Crain’s New York Business and the New York Post report that the asking rent for the 15-year lease is approximately $7 million a year.
Steven Pozycki, CEO of SJP Properties says “This deal is a continuation of our success attracting a diverse and complementary mix of world-class retail and commercial tenants to 11 Times Square that have contributed to the neighborhood’s vitality.”
However, the Post has reported that the building is experiencing difficulty in filling its retail space, with 50,000 square feet still left unleased. It also cites the failure of two restaurants, Urbo and Señor Frog’s.
The building, located at the intersection of 42nd Street and Eight Avenue, provides 125 feet of wraparound frontage. It stands immediately north of The New York Times building. The law firm Proskauer Rose and Microsoft currently anchor the office space.
Parques Reuniodos an international entertainment operator, is owned by London-based private equity firm Arle Capital Partners and based in Madrid, Spain. In operation for 50 years, their portfolio includes 61 different assets (theme parks, animal parks, water parks, family entertainment centers and other attractions). Present in 14 countries across the Americas, Europe, the Middle East and Asia, it has approximately 20 million annual visitors.
The RKF team of CEO Robert K. Futterman, EVP Joshua Strauss and associate Scott Zinovoy represented both tenant Parques Reuniodos and landlord SJP Properties.