Triangle Assets Carves Out Part of Midtown East Lobby for Pressed Juicery
By Lauren Elkies Schram June 7, 2016 2:30 pm
reprints
Cold-pressed juice and juice cleansing company Pressed Juicery has found a new location in Midtown East: the lobby of a Triangle Assets building.
Pressed Juicery is taking 450 square feet of lobby space that is being converted for retail use at 369 Lexington Avenue near East 41st Street, Commercial Observer has learned.
Shay Azran, the president of Metropolitan Property Group, whose office is on the 12th floor of the building, said that he proposed to Triangle Assets that it slice off a part of the lobby for a retailer.
“There’s very high foot traffic,” Azran said. “There’s no natural juice concept in that area.”
The 10-year deal was done at the asking rent of $450 per square foot, according to Azran.
“This is the first time a retail store has come up in a very long time [in the building],” said Benjamin Stavrach, the director of leasing and property management at Triangle Assets, who worked with Azran on the landlord side. “And we renewed all our other retail tenants last year securing them in for at least 10 years.”
While the deal is for less than 500 square feet, Stavrach said, “the price they paid was extremely high for Lexington Avenue.” Pressed Juicery will move in next month.
Triangle Assets bought the building in March 2004 for $46 million, according to property records.
Other tenants in the 28-story, 175,000-square-foot building include the headquarters of Triangle Assets, Jay Suites, Rottenberg Lipman Rich and Hale & Hearty. Last October, Quantbot Technologies, which designs, develops and deploys complex quantitative investment strategies globally, signed a five-year lease for the entire ninth floor at 369 Lexington Avenue, as CO reported at the time.
Julian Hitchcock of F&B Group, who negotiated the lease for the tenant, didn’t respond to a request for comment.
Pressed Juicery has stores in California, Las Vegas, Seattle, Hawaii and New York City. The Big Apple locations are 103 Mercer Street between Prince and Spring Streets, 329 Lafayette Street between Bleecker and East Houston Streets, Columbus Circle’s Turnstyle shopping corridor, 2857 Broadway between West 111th Street and Cathedral Parkway and 1240 Lexington Avenue between East 83rd and East 84th Streets. Plus there is a store coming to Westfield World Trade Center, according to Press Juicery’s website.
