Leasing momentum is returning to Third Avenue as redevelopment activity accelerates. As a result, 850 Third Avenue has secured a new restaurant tenant during its repositioning.
The 605,000-square-foot office tower is being redeveloped by Waterman Interests and HPS Investment Partners. Currently, the building is undergoing an $80 million upgrade.
As part of the repositioning, a new dining concept will be introduced at the property. Kellari Hospitality Group has signed a lease for a 4,500-square-foot restaurant. In addition, a private dining space will be developed below grade.
The new concept, Artemis, will feature Greek and Mediterranean cuisine. Consequently, a well-known hospitality operator is being brought into the building.
The lease was signed while redevelopment work remains underway. Therefore, early leasing activity is being generated ahead of the building’s relaunch.
Third Avenue has experienced a shift in recent years. Previously, tenants relocated to newer office corridors across Midtown and the West Side. However, reinvestment is now being directed back into the avenue.
In addition, several conversion projects are underway nearby. As a result, older office buildings are being repositioned or removed from inventory.
These changes are expected to bring new residential density to the corridor. In turn, increased foot traffic is anticipated to support retail and dining demand.
Overall, the repositioning of 850 Third reflects broader momentum across Midtown East.
*Article courtesy of New York Post
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