Red Lobster Comes to Times Square

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.”