The locally based restaurateurs have signed a 15-year lease with developer Richard Bowers who owns the building at Peachtree and Baker Streets. Fuller and Schiller plan to open a microbrewery that would complement a planned restaurant and nightclub at that location.
But the restaurant business, like the office and industrial markets in the metro area, continues to battle slowly improving economic times, brokers tell GlobeSt.com. For example, the last restaurant at the Peachtree-Baker Street location, All Star Café, closed its doors in 1999.
In the restaurateurs' favor, however, is their combined track record of opening and operating successful establishments in the city and Germany, brokers say. Fuller operated Harrison's on Peachtree in the 1970s and also operated O'Henry's Saloon and Steakhouse Downtown for 15 years. In Germany, the restaurateurs at one time managed 600 Paulaner restaurants, sources familiar with their background tell GlobeSt.com.
Area retail brokers tell GlobeSt.com the average asking rent at the Peachtree and Baker Streets location is in the $16 to $20 per-sf-range. That could give the lease an estimated value of $5.4 million, brokers say.
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