CBRE Wins REBNY's Most Ingenious Retail Deal of the Year Award

31 Jul 2020

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CBRE was awarded the top honor at the Real Estate Board of New York (REBNY) 2019 Retail Deal of the Year Awards, as announced last night in a virtual ceremony.

The Most Ingenious Retail Deal of the Year award went to Richard Hodos, Joel Stephen and Michael Remer for “Mischief Managed: CBRE Secured a Home for the First Harry Potter Wizarding World Store in the United States in the Flatiron District."

“Through diligence, strategic negotiations and a deep understanding of the market, we were able to educate Warner Bros. about the Manhattan retail landscape and procure a space that achieved the ideal balance between accessibility, reasonable occupancy cost and an ‘on-brand’ aesthetic,” said CBRE’s Hodos, a second-time recipient of the Most Ingenious Retail Deal of the Year award.

Capitalizing on the astounding global success of the Harry Potter brand, CBRE helped Warner Bros. determine the best location to launch the first Harry Potter Wizarding World flagship store in the U.S. With an understanding of Warner Bros.’ budget, location preference and desired physical expectations, CBRE conducted multiple comprehensive market tours ranging from Times Square to Soho. The team utilized CBRE’s Mobile Insights platform, a tool that applies mobile data and geographic fencing to track specific pedestrian data to pinpoint the area’s key demographics, leading the search to 935 Broadway.

“Leveraging our local market expertise and company-wide resources, we were able to facilitate Warner Bros. in expanding the world-wide success of the Harry Potter franchise. As the company expressed interest in selecting one of a handful of global gateway cities to open the first flagship store, New York City reinforced its reputation as one of the top worldwide destinations to launch a new concept.” said CBRE’s Stephen.

Remer added, “Warner Bros. was instantly drawn to 935 Broadway, the former home of Restoration Hardware. The building’s location was an undeniable match for the Wizarding World concept, situated in a neighborhood within close proximity to busy tourist hubs without the congestion. The general ambiance and architecture in Flatiron provided the elevated experience that we were looking for.”

What originally began as an idea at Warner Bros. in Los Angeles became a reality when the lease was finalized in July 2019 through the diligence, creativity and strategic maneuvering of CBRE’s Richard Hodos, Joel Stephen and Michael Remer.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.