Leases  ·  Retail

Starbucks Reups at One Bryant Park


Starbucks plans to stay put at One Bryant Park.

The coffee giant inked a deal to renew its space on the ground floor of the Durst Organization building, also known as Bank of America Tower, for 10 years and three- months, Commercial Observer has learned. 

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Starbucks first took the 1,192-square-foot space in 2011, shortly after One Bryant Park finished construction, according to the landlord.

“A great coffee shop is an asset to an office building,” Jody Durst, president of the Durst Organization, said in a statement. “And, especially now, it is heartening to see workers picking up Starbucks on their way up to their offices in the morning or heading downstairs to take an afternoon break to refuel.”

The coffee chain was able to keep many of its stores open during the coronavirus pandemic and has switched its focus to takeout orders. However, Starbucks wasn’t completely immune to the struggles retailers have faced in recent months and in June said it lost $3.1 billion in revenue during the pandemic, CNBC reported.

It also announced plans to close up to 400 of its nearly 15,000 stores around the country to focus on the to-go model, with a source telling CO that some New York City outposts were on the chopping block.

Still, CNBC reported that Starbucks opened 130 new locations around the world in recent months and it made waves early in the pandemic when it signed a massive 23,000-square-foot lease on the ground floor of the Empire State Building.

SCG Retail’s David Firestein represented Starbucks in its One Bryant Park renewal while the landlord handled it in-house via Tom Bow and Rocco Romeo.

“Starbucks is happy to remain at One Bryant Park, one of the major buildings in this market,” Firestein said in a statement. “The atrium, subway access and Bryant Park make this a special site.”