NEW YORK CITY-As retail leasing continues to move westward in the Times Square submarket, GlobeSt.com has confirmed that Global Food International Corporation has signed on for half of the retail space at SJP Properties’ 1.1 million-square-foot spec office tower, 11 Times Square.

The world-cuisine restaurant will take two floors on the ground floor and mezzanine level of the building, amounting to 25,000 square feet total for a 21-year term, according to James Emden, a vice chairman at Colliers International, who represented the tenant on the deal. He tells GlobeSt.com that asking rents went for $500 a square foot – and was one of the most “exciting transactions” in recent years.

“It’s not only exciting for my team at Colliers International, but for Times Square,” he says, explaining that while the tenant looked at other locations in Midtown, 11 Times Square’s proximity to mass transit and other tourism destinations made it an ideal spot to set-up shop. “The way we put the team together to present it to the various ownerships before making a decision to deal with 11 Times Square, the building was a perfect match,” he adds. “It’s not only going to help the area, but it’s going to be a big plus for the leasing up of the remaining space.”