The Real Deal New York

Pandora Jewelry takes space in glass cube at 3 Bryant Park

Retailer to join Whole Foods in anchoring Salesforce Tower’s base
By Mark Maurer | Twitter_logo_blue copy June 02, 2016 05:21PM

3 Bryant Park

3 Bryant Park in Midtown

Pandora Jewelry signed a 20-year lease for a new store at the base of Salesforce Tower New York, the 41-story office tower formerly known as 3 Bryant Park, sources told The Real Deal.

The Danish jewelry chain is set to occupy a total of 2,200 square feet at the Callahan Capital Properties and Ivanhoe Cambridge-owned building, including 1,000 square feet on the ground floor.

The space is one of eight cubes in a 75,000-square-foot, glass retail structure that sits at the bottom of the 1.2 million-square-foot tower. Whole Foods is in the process of readying its new 43,000-square-foot store. Other tenants include watch shop Tourneau and gym Equinox. Sneaker chain Asics abruptly vacated one of the spaces in October amid a legal battle with the company’s retail operator, less than a year after moving in. That 5,000-square-foot space remains on the market for lease.

Terzi Pandora

Jack Terzi and Patrick Smith

Pandora’s new cube has 40-foot ceiling heights and frontage on West 42nd Street. The address for the retail space will be 110 West 42nd Street.

The asking rent is about $1,200 per square foot, which sources said would make it Pandora’s priciest lease in the city. At its Soho store at 494 Broadway, for example, Pandora is paying less than $1,000 per square foot, sources said.

The jeweler’s other locations include 1284 Broadway in Herald Square and Atlantic Terminal at 139 Flatbush Avenue in Brooklyn.

JLL’s Patrick Smith and Matthew Ogle represented the landlords, while Jack Terzi of JTRE Holdings represented the tenant. The brokers could not be immediately reached for comment.

In 2015, Callahan and Ivanhoe Cambridge acquired the tower from Blackstone Group for $2.2 billion.

Enterprise software firm is set to be the building’s anchor office tenant by the end of the year. Salesforce’s logo will replace MetLife’s at the top of the tower.