Joe & the Juice Opening New Outpost at 28&7
By Amanda Schiavo December 10, 2024 1:05 pm
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Midtown South’s 28&7 office building is about to get a brewed awakening.
Juice bar and coffee shop chain Joe & the Juice signed a 15-year lease for 2,150 square feet at the base of the office building at 205 West 28th Street, according to landlord GDS Development Management (GDSNY) and Corem Property Group.
Asking rent was $200 per square foot, according to Michael Paster of Newmark (NMRK), who represented the landlord.
“[Earlier this year] we leased the space to Patis Bakery, and then Patis Bakery filed bankruptcy,” Paster told Commercial Observer. “So when that happened we started reaching out to potential suitors, and one of the first calls was to Joe & the Juice.”
Paster said it made sense for the coffee chain to move into that spot considering the many other food and beverage retailers in the area, including Pret a Manger, Le Pain Quotidien and Sweetgreen.
“[There are] all the tenants that you normally see surrounding Joe & the Juice, but Joe & the Juice did not have a location here,” he said. “So that was one of the main reasons we reached out to them. We thought that they would like being with their frenemies, and ownership was a little bit particular about not having something too heavy, greasy, or smelly [in that space].”
Joe & the Juice was represented by CBRE (CBRE)’s Henry Rossignol. CBRE did not immediately respond to a request for comment.
Corem did not respond to requests for further comment. However, the company did announce Tuesday that it has signed five new leases — including Joe & the Juice — in New York City at 1245 Broadway and 28&7, totaling about 36,188 square feet. The other tenants include two fintech companies, a family office, and software company Antimetal.
“We are incredibly happy with the leasing pace in New York,” Corem CEO Rutger Arnhult said in a release announcing the deals. “Demand in the premium office segment remains strong and reflects the move from older, worn-out premises to new state-of-the-art office environments that are so clearly seen in Manhattan right now.”
28&7 is a 12-story building completed in2022 directly adjacent to the Fashion Institute of Technology. Other tenants at 28&7 include research and development company Injective Labs, growth equity firm 1RoundTable Partners, and advertising agency R/GA.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
