NEW YORK CITY-Starbucks Corp. will be establishing its new East Coast headquarters at 7 Penn Plaza come summer 2012, says building owner the Feil Organization. The Seattle-based coffee company will relocate from its current location at 330 5^th Ave. to a 19,876-square-foot space on the 15^th floor of the 18-story Midtown South office building.

“The floor had been occupied and we took an early termination from a debt collection agency and replaced it with an investment grade credit organization like Starbucks,” David Turino, director of leasing for the Feil Organization, tells GlobeSt.com. “That also shows the change in the type of tenancy and the credit and quality of the tenants that are coming into this market than what traditionally had been here 15 years ago.”

The property, situated at 370 7^th Ave. between 30^th and 31^st Streets, is located within Midtown’s emerging Penn Plaza District. The area is home to many ongoing developments, including Moynihan Station, Brookfield Office Properties’ 5.4 million-square-foot Manhattan West office project, Related Cos.’ Hudson Yards and the 7 subway train extension.