Savanna, the New York City-based real estate investment manager, owner/operator and developer,has entered into a lease agreement with Target Corporation for 31,000 s/f of retail space at One Court Square, the iconic office tower in Long Island City. Terms of the transaction were not disclosed.
“We’re extremely pleased to welcome Target to One Court Square. This is a great win for the building and the neighborhood, benefiting employees who work in the building or nearby, residents of the area, and commuters through the Court Square transit hub,” said Brian Reiver, Managing Director at Savanna. “The transaction establishes a true anchor retailer that further validates One Court Square as the center of Long Island City.”
Target’s footprint at One Court Square includes ground floor space and the entire second floor of the property’s four-floor retail section, which connects directly to the Court Square transit hub and the lobby for the 53-story office tower.
“We believe this will be a catalyst for increased leasing momentum with food and beverage operators as well as destination retailers, rounding out the robust amenity offering we provide to tenants in the office tower and residents in the neighborhood,” Reiver added. “We look forward to proceeding with our retail redevelopment plan and leaseup program, which complements our efforts in office leasing as well.”
One Court Square is among the first trophy-quality office and retail offerings to reach the commercial market in Long Island City, after a decade-long wave of large-scale residential development and industrial to office conversions began the transformation of the area.
Currently Savanna is continuing toward completion of a major capital improvement plan that transforms One Court Square’s office and retail offerings. Under the plan Savanna has made significant investments into the building’s 150,000 s/f of retail space and the adjacent 53-story office tower.
For office tenants, One Court Square offers new construction-quality space with large column-free floorplates of over 33,000 s/f, 360-degree views, and outstanding transportation access with a subway station entrance located within the building .
To date, Savanna has secured long-term tenants for over 450,000 s/f of office space since reintroducing the property to the market. Altice USA, Inc. will anchor the office space with 103,133 s/f and an option to lease additional floors within the building to accommodate future expansion. Altice USA has occupied space in One Court Square since 2017.
Target was represented in the lease transaction by Jeff Howard and Ben Weiner of RIPCO Real Estate, and Savanna was represented by its exclusive retail leasing agents for the property, Steve Baker and Daniyel Cohen of Winick Realty Group.