Braus and Schwartz of Sierra with Tannor of CBRE arrange 8,300 s/f

55 East 54th St. off Madison Ave. has been leased on a long-term basis to a partnership that plans to turn the 8,300 s/f space into a new four-level Mediterranean food destination. Sierra Realty Corp.'s executive vice president Peter Braus and managing director Brad Schwarz represented the landlord, and Gregory Tannor of CBRE represented the tenant. Spearheaded by restaurateur Tim Pappas, former GM of Philippe Chow and maitre d' at Estiatorio Milos, and his partner, Costa Youssis, owner of Veranda in the West Village, the venue will undergo a multi-million dollar renovation designed by architect Yianni Skordas. "When we took on this assignment, our deep penetration in the restaurant market made us confident that we could lease the space," says Mr. Braus, "and we were able to have a deal closed in less than six months." "This building has a rich history and a great midtown location," adds Mr. Tannor. "Finding a townhouse that previously functioned as a restaurant was a challenge, and we searched tirelessly for the perfect spot. Fortunately, we were able to craft a deal that worked for everyone involved." About Sierra Realty Corp. Founded in 1953, Sierra Realty Corp. provides commercial and multi-family property management services, office and store leasing, real estate consulting, advisory services to building owners and tenants, comprehensive construction services and acquisitions and investment advice. The firm currently manages over 50 buildings comprising over 1,300 residential units and approximately 1 million square feet of office, industrial and retail space. Sierra also owns and operates numerous buildings in New York City. Please visit their website at www.srcny.com. About CB Richard Ellis CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit their website at www.cbre.com. ### 8/22/11