Lease Beat

Talbots Signs Lease at 2 Park Avenue

2 Park Avenue (courtesy of PropertyShark)

Retailer Talbots has signed a 12-year, 49,574-square-foot lease for office space on the second floor of 2 Park Avenue, The Commercial Observer has learned.

The tenant will pay rent in the low $50s per square foot, according to data from CompStak. A previous lease for Penn Mutual on the building’s third floor saw the tenant pay rent in the high $40s per square foot. Read More

The Plan

Upscale Restaurant Space at Boston Properties’ 250 West 55th Street

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Boston Properties’ new marquee office tower at 250 West 55th Street, which is set to open for its anchor office tenants Morrison & Foerster and Kaye Scholer this winter, boasts a number of retail opportunities, including a restaurant space totaling more than 7,000 square feet across the ground and lower levels.

The unique location is a prime intersection for tourist, residential and business traffic. The search for the right tenant, which is being handled by Cushman & Wakefield’s Steven Soutendijk, senior director, David Green, executive vice president, and Christopher Schwart, senior associate, is focused on a full-service restaurant that fits with the image of the building. Though discussions with a number of potential users are ongoing, there have been no handshakes on a deal. The space, though, is ready to begin a build-out should a tenant sign on.

“We’re ready to start now, we’re ready to sign a lease now and we’re ready to get a tenant in the building now,” said Mr. Soutendijk during a tour of the space last week. “A restaurant build-out of this magnitude could take anywhere from six to nine months, and we would love to get it online at the same time as the building, but that would necessitate signing a lease now.” Read More

Lease Beat

Advertising Firm SpotCo Signs Lease at 114 West 41st Street

114 West 44th Street

SpotCo has signed a lease at 114 West 41st Street, located between Broadway and 6th Avenue in the Garment District.

The entertainment and arts advertising firm, which is relocating from 512 7th Avenue, is taking 23,402 square feet in the 22-Story, 304,000-square-foot building, on floors 18 and part of 17.

“We are thrilled to have a space that will allow us to service the entertainment community in the most contemporary way possible,” said Drew Hodges, SpotCo’s CEO, in a prepared statement. Read More