Manhattan, NY According to Levin Management Corp, (LMC) Taco Bell Cantina, a fresh, upscale concept from the world’s largest Mexican-inspired restaurant brand, opened a new flagship location at The Paramount Building in Times Sq. The 33-story office tower is located at 1501 Broadway between 43rd and 44th Sts.
LMC and Rosemark Management serve as owner representatives for The Paramount Building, which was built in 1926 as the East Coast headquarters of Paramount Pictures. Newmark Knight Frank vice chairman Ben Birnbaum, senior managing director Ross Berkowitz, associate director Jason Wecker, and associate Andrew Taub arranged the 4,000 s/f Taco Bell Cantina lease on behalf of the building’s ownership. SCG Retail’s managing partner David Firestein and Jenna Heidenberg represented the tenant.
“Taco Bell appreciated the timeless elegance of The Paramount Building, and by incorporating the original golden entrance into its state-of-the-art flagship has created a truly special Times Square landmark that will be enjoyed by millions for many years to come,” said Charles L. Rosenberg, managing partner of Rosemark Management. “It has been a pleasure to work with Taco Bell over the past year, and we look forward to continuing our partnership into the future.”
“Times Square is one of the most recognized destinations in the world, and The Paramount Building punctuates this Midtown Manhattan neighborhood,” said LMC’s Matthew Harding, CEO. “Taco Bell Cantina is an outstanding addition, and its opening is such a positive signal for the marketplace. As the economy and consumer confidence continue to strengthen, the City is truly poised to move forward.”
The addition of Taco Bell Cantina follows a major reinvestment in The Paramount Building’s office component. At the center of the $50 million program, an award-winning lobby redesign and relocation moved the building’s main entrance from Broadway to 43rd St.
Taco Bell’s Cantina restaurants feature additions to the typical Taco Bell menu, including unique alcohol offerings paired with a more modern, urban design than seen at the traditional fast-food locations. The social-experience driven Times Square Cantina location embraces technology and features an open kitchen concept, 10 digital ordering kiosks and order-ahead pickup cubbies. Customers also can purchase Taco Bell merchandise via the store’s digital kiosks. The Times Square Cantina joins nearly 60 Taco Bell restaurants and over 20 Cantinas already operating across New York’s boroughs, and over 200 in the larger New York metropolitan area.
Additionally, LMC negotiated a 1,900 s/f lease with fast-food chain Texas Chicken & Burgers at 667-669 Stanley Ave. in Brooklyn. LMC leasing representative E.J. Moawad negotiated the transaction on behalf of the property’s ownership.
“Fast food chains continue to perform well,” Moawad said. “Texas Chicken & Burgers is a great fit for this neighborhood and will be a terrific amenity for the area’s residential and business populations.”
Moawad noted that 667-669 Stanley Ave. is supported by excellent demographics. The population within one mile is nearly 98,000, and the property, which includes a City Fresh Market, is well located at the signalized intersection of Stanley and Van Siclen Aves.
Texas Chicken & Burgers is a fast-food chain known for its crispy Southern-style fried chicken and variety of “never frozen” burgers. Menu items include biscuits, French fries, salads, and a selection of sides such as corn on the cob, cole slaw, macaroni and cheese, and mashed potatoes. From its original store in Queens, N.Y., the chain has expanded to include almost 40 locations in New York, Philadelphia and Washington, D.C.