SJP Properties Announces Significant Lease for Half of the Retail Space at 11 Times Square
SJP Properties today announced that it has completed a long-term lease for half of the retail space at 11 Times Square, its 1.1-million-square-foot, cutting-edge LEED-Gold-certified office and retail tower in Midtown Manhattan. The Global Food International Corporation, has signed a lease for approximately 25,000 square feet on the ground floor and mezzanine level of the building’s retail space to open a one-of-a-kind innovative and modern dining establishment featuring cuisines from around the world..
The two-level restaurant will reflect the dynamic energy inherent to the Times Square district, accentuated by an open-kitchen layout that will provide an interactive element to diners’ experiences.
The Global Food International Corporation operates more than 40 restaurants worldwide. SJP will begin build-out of the company’s space at 11 Times Square this fall, working with the noted architecture firm HLW International. The restaurant is scheduled to open in 2013.
Located at the intersection of Eighth Avenue and 42nd Street, immediately north of the New York Times building, 11 Times Square helps to define the western gateway to Times Square. According to the latest report from the Times Square Alliance, annual direct spending on hotels, entertainment and retail in Times Square totaled $4.8 billion in 2011. Since the mid-‘90s, the neighborhood has been the beneficiary of a significant migration of office users and retailers in Midtown toward Times Square, led by many of the world’s leading corporations and global financial services companies. According to the Times Square Alliance, as of 2011, the district supported 385,000 jobs, 170,000 of which were located within Times Square.
“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,” stated Steven J. Pozycki, CEO of SJP Properties. “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.”
Colliers International Vice Chairman James Emden, Senior Managing Director Robert Koslow and Director Dmitry Levkov represented Global Food International Corporation in the transaction, while RKF Founder and Chief Executive Robert K. Futterman and Vice President Joshua Strauss represented SJP Properties.
Eleven Times Square’s retail space comprises 15,500 square feet with 24-foot ceiling heights on the ground floor, 19,000 square feet with 18-foot ceiling heights on the second floor, and 18,000 square feet with 18-foot ceiling heights in the concourse. The opportunity exists for multiple divisions and configurations within the remaining available space.
From its advanced air filtration system that optimizes indoor air quality, to its highly efficient glass curtain wall that affords numerous benefits in reducing heat gain, minimizing thermal loss and decreasing heating, cooling and overall utility costs, 11 Times Square features the latest green technology incorporated into every aspect of its design, delivering a state-of-the-art office and retail environment that maximizes operational efficiency and health benefits for tenants.
As New York City’s most advanced new commercial tower, 11 Times Square delivers premier concierge-level services to office tenants, including a high-tech, state-of-the-art elevator dispatch system that minimizes tenant wait and is integrated with the building’s security system, as well as an advanced tenant visitor check-in system, and a large, secured, fully-efficient loading dock, messenger/mail center and delivery area specifically designed to maximize ease of use by tenants.
The building's centralized location enables tenants and visitors to benefit from the presence of 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 just one subway stop away. There is also direct access to the neighborhood's numerous signature restaurants, world-class hotels and entertainment and shopping venues.
About SJP Properties
SJP Properties is a fully integrated commercial and residential real estate developer, investor, asset manager, construction manager and property manager. The expertise of the company’s core in-house team of professionals encompasses the entire development process, from site selection through coordination of tenant move-in for large multi-phase office complexes and build-to-suit corporate headquarters properties, as well as for individual tenant build-out projects. For 30 years, SJP has sustained an unblemished track record of success having completed every project on time and within budget, and has developed strong relationships with some of the industry’s foremost investors and lenders.
For more information on SJP Properties, please call 973-299-9117 or visit www.sjpproperties.com.