Premier Exhibitions Signs Lease for New Exhibition, Retail Space in Manhattan
Premier Exhibitions, Inc. (Nasdaq:PRXI), a leading presenter of museum-quality touring exhibitions around the world, today announced that it has signed a long-term lease for 51,232 square feet of world-class exhibition and retail space in Midtown Manhattan at 417 Fifth Avenue. The leased premises encompass the building's entire second floor and a significant amount of the first floor.
The exhibition and retail space is located between 37th and 38th streets on New York City's most famous avenue in the Grand Central district near Bryant Park, the Empire State Building and only a few blocks east of Times Square. Premier will enjoy a Fifth Avenue entrance at street-level to access the exhibition hall and a large retail space. The entire second floor plus the additional space on the building's first floor will house the exhibitions and a large meeting/entertainment/special event space. The Company intends to install unique signage on Fifth Avenue that will provide significant visibility on one of the city's major thoroughfares.
Samuel S. Weiser, President and CEO of Premier Exhibitions, said, "We are delighted to be returning to New York City with a marquee, centrally-located space that will enable us to offer a truly museum-quality experience in the New York market. Prior to Hurricane Sandy permanently closing our former South Street Seaport location, Premier has successfully operated exhibitions in New York City since 2007. We are confident that re-entering the market in this new Fifth Avenue location will enable us to be equally, if not more, successfulin this new venue. In addition to the more than 23 million local residents in the Tri-State area, New York City boasts a strong and growing tourism industry that is on pace to reach 55 million foreign and American visitors this year. We view this opportunity as a means to bolster our stationary exhibition business over the long-term through content that appeals to visitors and local residents alike."
Weiser concluded, "We anticipate being up and running this coming fall, well-ahead of the important Holiday season."
Specific information about the exhibitions that will be opening in the space will be released at a later date.