Lease Beat

Starbucks Leaves Grand Central for 425 Lexington

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Having lost its 800-square-foot space in Grand Central Terminal’s Lexington Passage, Starbucks will be moving across the street. The coffee purveyor has signed a 15-year lease for a 1,300-square-foot retail space at 425 Lexington Avenue, Commercial Observer has learned.

Starbucks closed its Lexington Passage location earlier this month after losing out to Cafe Grumpy in the Metropolitan Transit Authority’s RFP process. The MTA has shifted its focus away from national chains and toward locally-owned businesses. Read More

Lease Beat

Starbucks Renews And Expands For More Than 3,500 Square Feet At 55 Broad Street

55 Broad Street

Starbucks signed a 10 year lease renewal and expansion at 55 Broad Street in Lower Manhattan.

The coffee behemoth took an additional 1,000 square feet at the Rudin Family Holdings-owned office building, bringing its total footprint there to over 3,500 square feet, making it the largest Starbucks downtown and among the biggest in the city.

Michael Rudin, vice president of Rudin Management Company, represented the landlord.  David Firestein of The Shopping Center Group represented the tenant. Read More

Lease Beat

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

111 Fulton Street (Credit: Emporis)

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.”

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