
July 13, 2010 -
Shopping Centers
Reflecting W&H Properties' strategy to reposition the retail at the base of one of the world's most famous buildings, Au Bon Pain has leased a 1,338 s/f retail space on the 33rd St. side of the Empire State Building, marking another success in ownership's retail leasing plan.
The space, which has frontage on three sides, lies along a major entrance and exit for the building's office population, and 33rd St. continues to be the major access point for tenants and visitors who commute to and from Penn Station.
"Ownership's long-term objective is to attract high-quality retailers to the building who cater to both tenants and its visitors," said Fred Posniak, senior vice president of W&H. "So far, we've had great success, evidenced by the recent arrivals of the high-end cocktail lounge The Empire Room, AT&T, and one of the nation's largest Starbucks. The Au Bon Pain café will further enhance the property's amenities."
Au Bon Pain has more than 250 locations currently operating in the United States, South Korea, Kuwait, Taiwan and Thailand. Typically, Au Bon Pain cafes are situated at highly visible corners and crossroads, in transportation centers, hotels, suburban shopping malls, city office buildings, hospitals and universities.
Jacqueline Klinger of Northwest Atlantic represented Au Bon Pain in the lease negotiations. Andrew Goldberg, Eric Gelber and Matt Chmielecki of CB Richard Ellis represented the landlord.
Soaring 1,454 feet above Midtown Manhattan, the Empire State Building is the World's Most Famous Office Building. With new investments in infrastructure, public areas and amenities totaling more than $550 million, the Empire State Building has attracted and continues to attract corporate tenants in a diverse array of industries from around the world.
The Empire State Building also has taken a leading role in sustainability, partnering with the Clinton Climate Initiative, Rocky Mountain Institute, Johnson Controls and Jones Lang LaSalle to develop an innovative process for a comprehensive energy efficiency retrofit program that will reduce the building's total energy consumption by 38% and that has led the building to receive an Energy Star rating of 90, placing it in the top 10% in energy efficiency among all buildings measured under the Energy Star program. The energy retrofit program that contributed to the Energy Star designation is also an important element in the target to seek LEED-EB Gold certification from the United States Green Building Council.
The Empire State Building's upgrades - planned and completed - include a comprehensive restoration of the Art Deco lobby and ceiling, along with the creation of a dedicated 34th Street tenant entrance, visitor desk and access control, messenger center, new restrooms, air-conditioned public corridors, new marble elevator cabs, 6,500 new windows, improvements to the building-wide mechanical and electrical systems, and improved security systems.
Part of the W&H Properties' Pre-War Trophy office portfolio, the Empire State Building is supervised by Malkin Holdings LLC, one of New York City's most financially stable ownerships. Broker commissions are paid in full at lease signing.