New Time Out Market - New York, Union Square

Time Out

27/02/2025 07:00

RNS Number : 6137Y

Time Out Group plc

27 February 2025

 

 

 

27 February 2025

 

Time Out Group plc

("Time Out", the "Company" or the "Group")

New Time Out Market - New York, Union Square

 

Time Out Group plc (AIM: TMO), the global media and hospitality business, announced today that it has entered into a lease agreement with Zero Irving to open a new Time Out Market at New York City's Union Square with an expected opening date in autumn 2025.

 

In addition to ten Markets already open, this new agreement increases the pipeline of sites under development to seven Markets set to open between 2025 and 2027, with more in negotiations.

 

This new Time Out Market will be located in the central Union Square neighbourhood of Manhattan on the ground floor of Zero Irving, a 'ground up' fully-leased 21-story Class A office building, designed as an innovation and technology hub as part of a joint venture of affiliates of RAL Companies and JRE Partners.

 

This will be the Company's second food and cultural market in New York, following the first highly successful flagship site which opened in 2019 in Brooklyn's Dumbo neighbourhood. Time Out Market New York, Union Square will offer across 10,000 sq ft a curated mix of the city's top and up-and-coming culinary talents, all under one roof. There will be seven kitchens, a bar, a stage for cultural experiences and approximately 300 seats with around 70 of them on the terrace.

 

The pipeline of Markets under development consists of six Management Agreements under which the Group receives a share of revenues and profits (subject to a guaranteed consultancy fee) but does not contribute to the capital cost of the site. In contrast, Time Out Market New York, Union Square is a lease agreement and as a result will be an Owned & Operated Market, with Time Out receiving 100% of site profits. As the space previously housed a food hall and has a smaller footprint, construction capex - for which the Company raised funds last year - will be lower compared to other sites.

 

Chris Ohlund, CEO of Time Out Group plc said: "Our medium target is 40 to 50 Market sites in top cities around the world - this will not only enable us to generate substantial revenue growth, these Markets also offer the opportunity to become another big media channel for Time Out which currently has a global monthly brand reach of 184 million.

 

"As one of our focus areas are smaller sites in top cities, we are looking forward to opening in just a few months time our second Market in New York - this demonstrates our ability to accelerate our opening pace and the potential significant revenue synergies with our Time Out Media business."

 

Spencer Levine, President at RAL Companies & Affiliates LLC: "Zero Irving is an award-winning trophy asset with museum-quality office space that is 100% leased by industry-leading companies. The project is a case study in effective public/private collaboration as we worked hand-in-hand with the Economic Development Corporation (EDC) to create an ecosystem for job growth, tech innovation and a food hall. Time Out Market is a high-quality tenant perfectly positioned to run a successful operation that benefits the building's office tenants, the surrounding community, and New York City as a whole."

 

The existing Market portfolio and expected opening schedule based on calendar year is as follows:

 

Open Markets
Markets under development
Owned & Operated
Management Agreements
Owned & Operated
Management Agreements
● Lisbon
● New York, Brooklyn
● Boston
● Chicago
● Porto
● Barcelona
● Montreal
● Dubai
● Cape Town
● Bahrain
2025
● New York, Union Square
2025
● Osaka
● Budapest
● Vancouver
● Abu Dhabi
2027
● Prague
● Riyadh

 

-ENDS-

For further information, please contact:
Time Out Group plc
Tel: +44 (0) 207 813 3000
Chris Ohlund, CEO
Matt Pritchard, CFO
Steven Tredget, Investor Relations Director
Panmure Liberum (Nominated Adviser and Broker)
Tel: +44 (0) 203 100 2222
Andrew Godber / Edward Thomas / Ailsa MacMaster / Joshua Borlant
FTI Consulting LLP
Tel: +44 (0) 203 727 1000
Edward Bridges / Shaliz Navab


 

 

Notes to editors

 

About Time Out Group

Time Out Group is a global brand that inspires and enables people to experience the best of the city. Time Out launched in London in 1968 to help people discover the best of the city - today it is the only global brand dedicated to city life. Expert journalists curate and create content about the best things to Do, See and Eat across 333 cities in 59 countries and across a unique multi-platform model spanning both digital and physical channels. Time Out Market is the world's first editorially curated food and cultural market, bringing a city's best chefs, restaurateurs and unique cultural experiences together under one roof. The portfolio includes open Markets in ten cities such as Lisbon, New York and Dubai, several new locations with expected opening dates in 2025 and beyond, in addition to a pipeline of further locations in advanced discussions. Time Out Group PLC, listed on AIM, is headquartered in London (UK).

 

About JRE Partners®

JRE Partners is a privately owned and operated real estate investment management business with expertise in real estate acquisition, development/redevelopment, financing, operations, marketing, and capital markets.  Formed in 2022, JRE Partners is the successor operating business to Junius Real Estate Partners, a direct real estate investment division established within JPMorgan in 2011.  JRE Partners originates and manages direct investments in U.S. commercial and residential real estate through managed investment funds on behalf of a global investor base.

 

About RAL Companies

RAL Companies, is a full service real estate development firm with a three-generation, 40+ year track record of success in building complex, high-profile projects nationally and internationally.  RAL's multidisciplinary in-house expertise includes predevelopment and approvals, urban planning, architecture and design, finance, construction management, landscape architecture, marketing and leasing, and property management.  RAL operates both as a principal owner/developer and as an owner's representative, bringing its expertise to residential, commercial, mixed-use, planned communities, resorts and hospitality, and other property types.  RAL prides itself on its dedication to the communities it works with, creating strong and lasting relationships with local constituencies wherever they build, employing union labor, and collaborating with MWBE contractors when possible, RAL uses and believes in cutting-edge processes and technologies but never substitutes them for the experience, ingenuity, creativity, passion, leadership, and professional judgment provided by its people.

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