ATCO Properties & Management has filled the retail space at its 23-story 630 Third Avenue tower.
The owner just signed a 10-year lease with SPEAR Physical Therapy for the third and last ground-floor retail space at the base of the 252,000 s/f office building.
The new physical therapy center will operate on the southwest corner of East 41st Street and Third Avenue, which is adjacent to the building’s main lobby. SPEAR Physical Therapy’s new storefront spans 2,700 s/f on the ground floor and features 15-foot ceiling heights. It is expected to open by the second quarter of 2021.
SPEAR Physical Therapy will fast-causal restaurants Dig Inn (2,453 s/f) and P.F. Chang’s to Go (1,787 s/f).
“In a little over a year, we were able to fully lease and activate this vital section of Third Avenue while providing access to services that benefit our tenants, workers, and visitors,” said Kate Hemmerdinger Goodman, co-president at ATCO Properties & Management.
“In spite of the challenging retail market conditions, we view this new transaction and the lease-up of our retail spaces as a key example of the strength and resiliency of the Grand Central district.”
“We are confident that NYC will return to its position as one of the most vibrant, energetic bustling cities in the world, so we are investing in its success at this time,” said Dan Rootenberg, CEO of SPEAR Physical Therapy. “SPEAR looks forward to creating a new state-of-the art physical therapy center in this flagship Grand Central location.”
Michael Paster of Newmark represented building ownership in the long-term transaction, while Evan Clements from The Dartmouth Company represented SPEAR Physical Therapy. Asking rent was $125 per square foot.
The new agreement for SPEAR Physical Therapy comes during a period of significant capital investment in the property. As part of a new capital improvement program, ATCO has appointed architectural firm Design Republic and contracting firm Essential Design + Build to refresh and renovate the building’s lobby, which will feature new stone, glass accents and brand new elevator cabs. In addition, ATCO has recently completed the installation of a new façade.