Holding the line on retail tenants

Securities firms seek businesses that will add cachet; offer no special deals

By Lore Croghan

Published on June 11, 2001


AT&T Wireless is opening a 3,000-square-foot store at a prime Harlem location, 81 W. 125th St., just off the northeast corner of Lenox Avenue.

The lease term is 15 years. The asking rent was $80 a square foot.

The location is in a three-story commercial building that also houses one of the top performers in the Starbucks chain, generating sales of $1,000 per square foot.

Broker Candice Dobbs discovered it while searching for a 125th Street location for a food tenant. Landlord Eugene Fata didn't want additional food providers in the building, which has a McDonald's as a tenant. So Ms. Dobbs cast about for another retailer that might need space in the neighborhood and noticed that AT&T Wireless didn't have a presence there.

She called CB Richard Ellis Inc.'s Pat Breslin, the phone company's tenant rep. They co-brokered the transaction, which took just two weeks to complete.

"It was the fastest deal I've ever done," says Ms. Dobbs, who is president of Dobbs Associates Inc.


Copyright @ 2004-2007  Dobbs Associates, Inc. All rights reserved.