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Paramount Executes Retail Lease With Din Tai Fung for the Glass Cube at 1633 Broadway
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Rhea-AI Summary
Paramount Group, Inc. (NYSE: PGRE) announced that Michelin Star restaurant Din Tai Fung has signed a 15-year lease for about 26,400 square feet at 1633 Broadway, New York. This site will be Din Tai Fung's first NY location, designed by the Rockwell Group, and is set to open in 2023. The restaurant aims to attract high foot traffic due to its prime Midtown location, enhancing the property's appeal and providing a unique amenity for tenants.
Positive
Din Tai Fung's 15-year lease increases property value and tenant diversity.
The restaurant's Michelin Star status enhances the prestige of the building.
Prime Midtown location expected to attract high customer traffic.
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None.
NEW YORK--(BUSINESS WIRE)--
Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that world-renowned restaurant Din Tai Fung has signed a 15-year lease covering approximately 26,400 square feet for its Michelin Star rated restaurant at 1633 Broadway, Paramount’s 48-story, 2.5 million square foot, trophy office tower located between 50th and 51st Street in Midtown Manhattan.
Din Tai Fung will occupy the retail space situated beneath the glass entry cube in the public plaza at the base of 1633 Broadway. The restaurant, currently being designed by David Rockwell and his award-winning architecture and design firm Rockwell Group, is slated to open in 2023 and is expected to be a culinary destination bringing its unrivaled craftsmanship in the art of Xiao Long Bao soup dumplings and other fine dim sum cuisine to the east coast of the United States. 1633 Broadway will be Din Tai Fung’s first New York location and will benefit from consistently high levels of foot traffic due to the property’s ideal Midtown location. Din Tai Fung has attained elite dining status around the world including the west coast of the United States.
“We are thrilled that internationally recognized Din Tai Fung has selected 1633 Broadway as its first New York restaurant,” said Peter Brindley, Executive Vice President, Head of Real Estate. “This transaction further exemplifies our focus on partnering with world class retail tenants and providing a spectacular amenity for tenants at 1633 Broadway and the neighborhood.”
“Throughout our journey from a mom-and-pop restaurant founded in Taiwan during the 1950’s into an international brand, we have insisted on maintaining a standard of quality that has served us well. These principles include our culinary facets, which has made our traditional Xia Long Boa and Chinese cuisine unmatched,” commented Aaron Yang, Vice President of Din Tai Fung. “These same standards extend to the environments we seek for our worldwide locations. The retail space at 1633 Broadway is unmatched in the market and will serve as the ideal location for our first restaurant on the east coast of the United States.”
About Paramount Group, Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.
What is the significance of Din Tai Fung's lease for Paramount Group (PGRE)?
The 15-year lease for Din Tai Fung at 1633 Broadway enhances the property's value and tenant mix, bringing a prestigious dining option to the building.
When is Din Tai Fung expected to open at 1633 Broadway?
Din Tai Fung is slated to open in 2023 at 1633 Broadway, New York.
How large is the retail space leased by Din Tai Fung?
Din Tai Fung has signed a lease for approximately 26,400 square feet.
Why is the location of Din Tai Fung important for its success?
The prime Midtown location at 1633 Broadway is expected to attract high foot traffic, contributing to the restaurant's projected success.
