Manhattan, NY Colliers has arranged two long-term leases for coffee and donut chain Dunkin’. Both leases are in high-profile, high-traffic locations, with the company taking space at The Paramount Building and Penn Station. Colliers team of Tom Citron and Alexander Green represented the tenant in both deals.
Ross Berkowitz, Benjamin Birnbaum and Andrew Taub of Newmark Retail represented the landlord at 1501 Bdwy.
Ed Hogan and Jason Morrison’s Vornado in-house leasing team represented the landlord in the Penn Station transaction.
The new Long Island Railroad concourse at Penn Station is set to be fully completed this year as part of the multi-billion dollar renovation of the nation’s busiest railway station. Dunkin’s new space is situated in a corridor that will see an average of 300,000 people pass through on any given day. Dunkin’ joins a growing roster of expanded retail and dining options located in the concourse.
The Paramount Building, with 880,000 s/f of rentable office space and 90,000 s/f of retail space. Dunkin’s new Times Sq. location is surrounded by other world-renowned theaters, restaurants and retailers that make the neighborhood a destination for both tourists and New Yorkers alike.
“Despite headwinds and the many changes the retail market has gone through over the last several years, Manhattan has proven resilient and resurgent,” said Tom Citron, executive vice president. “We’re thrilled to help Dunkin’ bring its famous and beloved brand to multiple new storefronts in some of Manhattan’s most well-known and heavily trafficked areas. Dunkin’ has more than 150 locations across New York City but anticipates that these new stores will be among some of their highest volume locations.”
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