SJP signs restaurant to 25,000 s/f at 11 Times Square
By Liana Grey
Colliers International has arranged a long-term, 25,000 s/f lease at 11 Times Square for a new, world-cuisine restaurant concept from The Global Food International Corporation.
The coveted ground floor and mezzanine level of SJP Properties’ gleaming high-rise tower is being specially redesigned for a state-of-the-art restaurant which will officially announce its name later this year, said Colliers.
The eatery will have an open-kitchen layout to deliver “an interactive element to the dining experience.” Construction is underway, with a scheduled opening in 2013.
“The restaurant owners wanted to enter the New York City market in a building that would make a statement. This fabulous new restaurant will now anchor the Times Square redevelopment along Eighth Avenue and is well positioned to be a huge success,” said James Emden, a vice chairman at Colliers International, who along with senior managing director Robert Koslow and director Dmitry Levkov represented GFIC.
“SJP Properties has been a tremendous partner with a beautiful, perfectly located building to bring this new restaurant concept to life.”
RKF founder and chief executive Robert K. Futterman and vice president Joshua Strauss represented SJP Properties whose CEO Steven J. Pozycki commented: “In addition to its status as a world-renowned tourist destination, Times Square has established itself as a premier location for leading-edge companies.
“Eleven Times Square’s strategic location provides retail tenants in particular with high visibility and access to an unparalleled customer base. This new restaurant will be a welcomed addition to the neighborhood, and is highly complementary to our focus on securing world-class retail tenants that support the building’s position as Midtown Manhattan’s foremost commercial tower.”
Emden explained that bringing the parent company and SJP Properties together was an evolution. He noted that GFIC is a large, St. Petersburg, Russia-based firm with 54 restaurants worldwide but with little knowledge of the U.S. marketplace.
“For this new restaurant concept to enter and thrive in New York City, we knew we would have to take a fresh approach,” said Emden, who brought in architecture firm HLW to meet with GFIC early in the process to better conceptualize the layout.
“Once GFIC began to embrace the architect’s vision, we were able to approach the owners with an exciting and fully realized idea.”
Located at the intersection of Eighth Avenue and 42nd Street, immediately north of the New York Times building, 11 Times Square is a 1.1-million square foot, LEED-Gold-certified office and retail tower.
Its retail space comprises 16,500 s/f with 24-foot ceiling heights on the ground floor, 20,000 s/f with 18-foot ceiling heights on the second floor, and 18,500 s/f with 18 ft. ceiling heights in the concourse.
The building’s high profile, centralized location in Times Square enables tenants and visitors to benefit from an on-site subway entrance connecting to 12 subway lines, the Port Authority’s bus terminal and commuter parking lot, and Grand Central Terminal and Pennsylvania Station nearby.
Other office tenants of 11 Times Square include Zukerman Gore Brandeis & Crossman, Teza Technologies, United First Partners, Luskin Stern & Eisler LLP, and Sovarnum Capital LP.
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