Lease Beat

Au Bon Pain Takes 2,600 Square Feet at 111 Fulton Street

Au Bon Pain has signed a long-term lease for roughly 2,600 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 Jacqueline Klinger of The Shopping Center Group represented the tenant.

“There’s a perfect storm going on Downtown,” said Mr. Kaplan, who has represented the landlord over the course of the last year.  “The dense commercial and residential population, as well as the tourism in the area, is a great draw for retailers.”

111 Fulton Street (Credit: Emporis)

111 Fulton Street (Credit: Emporis)

Asking 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.

“Fulton has become a very popular area for quick service retailers because of all the foot traffic there,” 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 fast-casual eatery and bakery joins a roster of retail tenants at the upscale condominium building that among others includes Chipotle, CRISP, Hale and Hearty, and Red Mango.  Convenience chain 7-Eleven also just inked a deal for roughly 2,500 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 and 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, well-suited for specialty fitness programs and spas, Mr. Kaplan said.

Ms. Klinger did not return calls and emails seeking comment.

Follow Al Barbarino on Twitter or via RSS. abarbarino@observer.com