Search
 

Red Lobster Comes to Times Square

NEW YORK CITY-The crustacean chain will open a three-level restaurant in a 14,513-sf space at 5 Times Square, the Ernst & Young Building. A major build-out is planned, including a newly constructed mezzanine level.

By Glen Thompson | Updated on November 07, 2002

NEW YORK CITY-Red Lobster earlier this week signed a 10-year deal for a 14,513-sf tri-level eatery at 5 Times Square, Boston Properties 1.1-million sf tower at Seventh Avenue and 41st Street. It’s the second major retail deal signed at the property this year.

Insignia/ESG’s David Green and C. Bradley Mendelson arranged the transaction on behalf of Boston Properties, while Andrew Mandell and Peter Ripka of Ripco represented Red Lobster. No financial details have been disclosed, but asking rent for the ground-floor space was $325 per sf and the second floor asking rent was $80.

Red Lobster plans a major build-out for the space, according to Mandell. “They’re going to add a mezzanine,” he tells GlobeSt.com. He adds that improvements include cutting out part of the first-floor ceiling “so when you walk in you’re going to have a lot of light.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.