The financial terms of H&M's lease with property owner Douglas Development Corp. have not been disclosed. But Douglas's Norman Jemal tells GlobeSt.com, "They signed a long term lease, the total rent may be higher depending on the performance of the store." Owners of the clothing store plan to hire 100 employees between this location and another location to be opened in Georgetown. "H&M has promised to target District residents for the 100 jobs the two District stores will create," deputy mayor for Planning and Economic Development Eric Price says in a statement. The DC Department of Employment Services is currently working with H&M to train unemployed residents for those jobs."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.