It’s taken a while, but SJP Properties has signed up its second major tenant at 11 Times Square. But this time it’s a deal for about half of the LEED Gold-certified tower’s retail space. The lease is also notable because it’s the first sizable one since Proskauer Rose signed up for half of the building’s office space (400,000 of 1.1 million square feet) nearly two years ago before construction was complete.
The deal is actually with Global Food International Corporation – a Russia-based worldwide restaurant chain – for 25,000 square feet on the ground floor and mezzanine levels. There are few details about the yet-to-be-named restaurant other than that it will feature an open kitchen and “international cuisine,” according to the Wall Street Journal. Although particulars of the current deal aren’t clear, SJP’s asking rents for the retail space have reached $500 per square foot (for the ground-floor space, at least).
Whether this particular restaurant is the marquee tenant that SJP craved for the highly trafficked space across the street from the Port Authority Bus Terminal and adjacent to 42nd Street remains to be seen as significant retail space (30,000 of a total 55,000 square feet) remains to be leased.
In addition to the whimsical aquarium concept from a Toronto developer, other tenants that have considered retail space at 11 Times Square include CVS Pharmacy and Buffalo Wild Wings (whose only New York City location currently is in Brooklyn’s Atlantic Terminal Mall).