What is right, Mendelson tells GlobeSt.com, is that despite reports of a cooling economy, the entertainment destination shows no sign of slacking. "There isn't a market in the city--whether it's retail, commercial or multifamily--that seems to be showing signs of slowing," he says.
As splashy as the news is, Mendelson reports that the site wasn't the retailer's only choice. The Reuters Building was an early contender, but the button-down anchor tenant apparently had issues with the two-million-person-per-year foot traffic that the retailer would draw. As one industry insider told GlobeSt.com, "they didn't want it to become the Toys R Us Building."
"It does create an impediment," Mendelson agrees. Bow Tie Management represented ownership in the deal.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
