A total of five tenants have signed leases for the project. David Barton Gym has signed a lease for 35,000 sf; Rosa Mexicano has signed a lease for 14,000 sf for a restaurant; Muvico Entertainment LLC has signed a lease for 35,000 sf, and Club Monaco has signed a lease for 3,500 sf for men and women's fashions with a retail concept owned by Polo Ralph Lauren, Fitzpatrick tells GlobeSt.com.
Lettuce Entertain You Enterprises Inc. also has signed a lease for 15,000 sf for yet to be disclosed restaurant concepts. The company's founder and chairman Richard Melman says in a statement that there will be "a new dining concept for the third floor project as well as a new coffee idea for street level."
The leasing "shows obviously some substantial progress in the project as people continue to see the building going up," Fitzpatrick says. The terms of the leases were not disclosed. The asking lease rate ranges from $40 per sf net to $200 per sf net, Fitzpatrick says. Freed is handling the marketing and leasing in house. Other tenants are expected to be full-price national retailers and additional food and entertainment establishments. Construction is expected to be completed in the fourth quarter of 2008 with the first stores opening in the first quarter of 2009, he says.
Freed is developing the retail and residential portions of the Block 37 development. The retail component will also include a hotel. The company closed in April on acquiring the retail and residential portions from Chevy Chase, MD-based Mills Corp. Freed is "doing some initial design as well as continuing to work with the city" on the residential portion of the development, Fitzpatrick tells GlobeSt.com.
Fitzpatrick says that he could not give an estimate of the amount of units or when construction would begin on the residential component. Golub & Co. LLC and New York City-based BlackRock Realty Advisors Inc. are developing a 17-story office tower at the southwest corner of the parcel that is scheduled to open in the spring. Anchor tenants for the office building are CBS Channel 2 Chicago and Morningstar Inc.
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