NEW YORK CITY-Barnes & Noble has signed a lease for space at CitiGroup Center here that was formerly occupied by Conran's. When the furniture retailer declared bankruptcy several years ago, the bookseller giant took the three remaining years of its lease. Apparently, the low-pressure environment that allows book lovers to sample the latest Elmore Leonard thriller or, finally, to discover what they missed by reading Cliff's Notes instead of Melville's Moby Dick while relaxing in a comfy armchair before making a purchase, has paid off.
The bookseller has committed to a 20-year term in the 39,640 sf space, which covers several levels.
“The brief experience with the Midtown flagship store has demonstrated that CitiGroup Center, with its excellent transportation access and high volume of office workers, shoppers and visitors is a superb location for a thriving bookstore,” says Robert K. Futterman, who represented Barnes & Noble in the deal. Jones Lang LaSalle negotiated for the owner, Dai-Ichi Life Investment Properties.
Specific terms were not disclosed, but Futterman notes that big-box retailers leasing for comparable space in high-traffic locations of this kind typically pay $35 per sf.
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