News: Brokerage

La Pecora Bianca signs 15-year retail lease at Irvine Cos.’ MetLife Building at 200 Park Ave.

Manhattan, NY According to the Irvine Company, the hospitality group behind La Pecora Bianca restaurant brand has signed a 15-year lease to create a new Italian restaurant on the ground floor of the MetLife Building at 200 Park Ave. The new 11,300 s/f restaurant, to be named Giulietta, will feature 250 indoor seats, and an additional 200 seats across an outside dining and bar area. Hospitality advisory firm, Friend of Chef (FOC), represented La Pecora Bianca/Giulietta in the transaction. Giulietta is expected to open in spring 2026.

In May 2024, Irvine Co. assumed full ownership of the 3.1 million s/f MetLife Building at 200 Park Ave., purchasing the remaining minority interest in the building after its completion of a multi-year $200 million reinvestment project.

“Giulietta is the latest example of our continuous commitment to excellence on behalf of our customers and visitors and, importantly, is a natural complement to the other new retail offerings we have recently introduced at 200 Park Avenue,” said Roger DeWames, president of Irvine Co.

A neighborhood unto itself, 200 Park Ave. is a destination featuring inspired upgrades and a breadth of services that enable its customers to spend an entire workday, from morning until night, on the property. Giulietta is the latest part of its transformation into a contemporary environment, offering a range of upscale dining and grab-and-go food options, including Capital Grille, Point Seven and Bento by Point Seven, Jack’s Stir Brew Coffee, and Black Seed Bagels. Additionally, 200 Park Ave. features amenities, such as meeting, fitness and wellness facilities, enhancing the experience for all who work in or visit the location.

“The opportunity to create a casual, all-day Italian dining experience at this scale in such a landmark location was something we could not pass up,” said La Pecora Bianca’s founder and CEO, Mark Barak. “Inspired by relaxed summers on the Mediterranean, Giulietta will have something for everyone and offer an escape from the hustle and bustle of the heart of New York City.”

200 Park Ave. is 98% leased — considerably higher than commercial office buildings throughout the city. With immediate access to Grand Central Terminal, Metro-North, the LIRR and the subway, 200 Park Ave. offers unprecedented connectivity to all parts of the tri-state area and “one seat” commutes. Additionally, the building’s renovated garage provides those who drive with direct access to the lobby.

Newly curated features and amenities include:

• Two-floor, 50,000 s/f lobby with art exhibits and VIP greeter service

• 12,000 s/f private outdoor Skyline Terrace with full-service dining from the adjacent indoor-outdoor cafe and bar Skyline Lounge

• Fully staffed Skyline Meetings + Events Center for up to 600 people

• Full-service Avenue Lounge

• 15,000 s/f private Avenue Fitness + Wellness center featuring a state-of-the-art gym, massage therapy and group training rooms

CBRE is the exclusive leasing agent, property and asset manager of 200 Park Ave.

MORE FROM Brokerage

SABRE coordinates sale of six properties totaling 199,845 s/f

Huntington, NY SABRE Real Estate Advisors has completed the sale of six commercial properties across Long Island and Northern New Jersey, further underscoring the firm’s strength as a trusted partner in complex real estate transactions. The deals were led by executive vice presidents Jimmy Aug and Stu Fagen, whose combined expertise continues to drive exceptional results for clients across the region.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman

Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman

Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.