Lease Beat

7-Eleven Takes 2,500 Square Feet at 111 Fulton Street

Convenience store chain 7-eleven has signed a long-term lease for roughly 2,500 square feet of retail space at 111 Fulton Street in the Financial District, The Commercial Observer has learned.

Ross Kaplan of Newmark Grubb Knight Frank represented the landlord, while Ariel Schuster and Greg Covey at RKF represented the tenant.

“There’s a flurry of activity going on Downtown,” Mr. Kaplan said, who has represented the landlord for the last year.  “Tourism and a dense commercial and residential population is a big draw for retailers in this part of town, especially quick-service shops.”

7 11 logo 7 Eleven Takes 2,500 Square Feet at 111 Fulton StreetAsking rents were $150 per square foot, Mr. Kaplan said, adding that the lease was long-term but declining to specify the precise duration.

The transit hub at Fulton and Broadway is steps away, Pace University, New York Downtown Hospital and the Downtown Theatre are nearby, and the 9/11 Ground Zero tour begins just steps away from the building.

“There’s a massive amount of foot traffic here,” Mr. Kaplan said.

The owner of the retail space, The Klein Group, purchased the space after the building was redeveloped into luxury condominiums in 2007 by Leviev Fulton Club.

The convenience store joins a roster of retail tenants at the upscale condominium building that among others includes Chipotle, CRISP, GRK Fresh Greek, Hale and Hearty, and Red Mango.  Fast-casual eatery Au Bon Pain also just inked a deal for roughly 2,600 square feet of space in the building.

Also known as District, 111 Fulton Street is one of Downtown Manhattan’s premier condominiums, with 163 residences and 18,000 square feet of amenity space, with décor by Andrew Escobar.  The building is located near Wall Street and numerous subway lines and highways.

A 500-square-foot ground floor space in the building that leads to a 4,500-square-foot lower level is soon to hit the market, which is well-suited for specialty fitness programs and spas, Mr. Kaplan said.

Mr. Schuster and Mr. Covey from RKF declined comment.

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