The duo signed a 15-year lease for 15,500 sf in the basement of the former I. Magnin building at Sixth Avenue and Pine Street, the upper floors of which are now occupied by Old Navy and a Gene Juarez salon. About $1 million will be spent to build out the space, which includes a street-level entrance lobby. The lease rate is not being released by the parties involved, but local brokers tell GlobeSt.com the space was probably had for an annualized rate of between $15 and $20 per sf.

The property is owned by Madison Marquette, which acquired the building several years back before gutting it and leasing up the upper floors to the aforementioned tenants, Madison Marquette's Robert Pittman tells GlobeSt.com. The basement has never been rented since they acquired the building, he says, though the Planet Hollywood chain had planned to open a restaurant in the space prior to its demise.

When it opens this fall, it will be the third Fox Sports Grill in the nation. The second in the chain opened two months ago in Irvine, CA, and the first one opened in Scottsdale, AZ, last November. The restaurants so far are being opened in markets that do not already have an ESPN Zone. That chain has restaurants in eight markets--Las Vegas, New York, Washington, DC, Atlanta, Baltimore, Chicago, Denver and Anaheim, Calif.