Global commercial real estate advisory firm Newmark and SCG Retail, the urban division of TSCG, announced today that the firms have secured a Times Square lease for Taco Bell Cantina at The Paramount Building. Newmark Vice Chairman Ben Birnbaum, Senior Managing Director Ross Berkowitz, Associate Director Jason Wecker and Associate Andrew Taub worked with owner representatives Rosemark Management and Levin Management Corporation. SCG Retail’s Managing Partner David Firestein and Jenna Heidenberg represented the tenant in this milestone lease for Taco Bell Corp.
The world’s largest Mexican-inspired restaurant brand will debut its most technology forward Cantina restaurant at the Paramount Building in Times Square. The brand’s Cantina concept quickly developed a devoted following when it first debuted in 2015. The Paramount Building, located at 1501 Broadway, is a 32-story, 800,000-square-foot tower located in the heart of Times Square.
“Times Square remains one of the most iconic and visible retail high streets in the world, as restaurants and other food services continue to outperform and benefit from this premier 24/7 location with robust foot traffic and tourism,” said Birnbaum. “We were delighted to work with Rosemark and Levin to add this exciting Taco Bell Cantina location to the dynamic mix of cutting-edge names in the area.”
“We’re thrilled to represent Taco Bell in bringing the brand to Times Square,” said Firestein. “This location puts Taco Bell not only at the heart of New York City retail but also at the center of the Retail Universe.”
Taco Bell’s Cantina restaurants celebrate the fast pace of urban lifestyle through exciting store design, digital ordering kiosks, and a customizable menu featuring shared plates and alcoholic beverages. Taco Bell’s Times Square Cantina location is planned to open this summer.
About SCG RETAIL
SCG RETAIL, based in Manhattan, is the urban division of the Atlanta-based TSCG focused on New York City and the Tri-State Area.
TSCG is the country’s largest privately held retail real estate advisory firm in the United States. Founded in 1984, with 21 offices in 16 states from NYC to California. We lease over 55 million square feet, manage over 10 million sf, and have over 400 exclusive tenant relationships. www.TSCG.com
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.