Irvine Company lands Capital Grille for NYC trophy property

Steakhouse taking 15k sf in revamped space set to open next year at MetLife building on Park Avenue

New York /
May.May 23, 2022 12:00 PM
Irvine Company chairman Donald Bren, Tishman Speyer CEO Rob Speyer, and 200 Park Avenue (Getty Images, Irvine Company, iStock)
Irvine Company chairman Donald Bren, Tishman Speyer CEO Rob Speyer, and 200 Park Avenue (Getty Images, Irvine Company, iStock)

The Irvine Company and Tishman Speyer are heating things up at 200 Park Avenue with a major restaurant lease.

Capital Grille signed a 15,000-square-foot lease at the building, where it will replace Naples 45 along East 45th Street, the New York Post reported. The deal, which includes outdoor space, is reportedly one of the largest for a restaurant this year.

Financial terms and lease length for the steakhouse were not available.

The restaurant will be joined at the building by Jack’s Stir Brew Coffee and Black Seed Bagels, which will be in the lobby. Those will open later this year, while Capital Grille is set to open in mid-2023.

Things have been quiet at the MetLife Building, which is part of Newport Beach-based Irvine Company’s office portfolio, with Tishman Speyer holding a minority stake. The landlords have worked on an overhaul of the building, including a redesign of its lobby and improved connections with Grand Central Terminal.

Restaurants have always been a major attraction at the 2.7 million-square-foot building, one of the most noticeable in Midtown with its big MetLife sign. The landlords are in discussions to find a replacement for the former La Fonda del Sol space.

Capital Grille recently renewed its lease at Silverstein Properties’ 120 Broadway in the Financial District, the Commercial Observer reported. The steakhouse occupies three floors across 12,000 square feet.

Manhattan has notched a few significant restaurant leases as the industry continues rebuilding from the decimation of the pandemic. Todd English signed a lease for a 20,000-square-foot eatery at 15 Park Row in the Financial District, where asking rent was reportedly $2.5 million per year.

Famed Taiwanese restaurant chain Din Tai Fung, which has earned a Michelin star rating for its Chinese steamed soup dumplings, signed a 15-year lease at Paramount Group’s 1633 Broadway. The 26,000-square-foot restaurant, the company’s first East Coast location, is expected to open next year.

[NYP] — Holden Walter-Warner





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