REAL ESTATE

Pret to add wine bar and four new locations in NYC

BY CSA STAFF

Pret a Manger has signed leases for four new stores in Manhattan and renewed leases on three others, reported RKF, which handled the lease agreements.

In its third location at Penn Station, Pret will debut its wine bar concept for the first time in the U.S. This shop will be located near the station entrance on 34th Street and 7th Avenue. The fast-casual chain’s other new locations in the Big Apple will be on West 27th Street in Chelsea, Park Avenue and 39th Street, and in Midtown at 53rd and Broadway.

Pret will be expanding its space at two properties. It will at 1,300 sq. ft. at 1350 Sixth Avenue and 689 sq. ft. at 205 East 42nd Street.

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REAL ESTATE

CBRE hires store-within-a-store expert

BY Al Urbanski

CBRE has brought in a former Sears executive to help retailers monetize under-performing retail space through partnerships with outside brands.

Kevin Marschall, formerly director of strategic partnerships and licensed business at Sears, has joined CBRE as a store-within-a-store specialist in the company’s retail partnerships unit.

“The addition of Kevin’s expertise to this new sector of business will assist us in providing products and services that align similar customer profiles, yet is beyond the expertise of the host provider,” said CBRE Managing Director Bill Wright.

The business Marschall is joining, he said, capitalizes on the emerging trend of smaller merchants co-locating within larger retailers’ spaces. Decreasing capital expenses such as inventory, payroll, and operational costs in existing spaces is the lure for host retailers.


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REAL ESTATE

Rubin steps down as chairman of PREIT

BY Al Urbanski

Ron Rubin resigned his post as chairman of the board of PREIT and will be succeeded in that role by CEO Joseph Coradino. His departure was expected, having been announced last month.

Rubin assumed the chief executive’s role of the Philadelphia-based developer in 1997, when The Rubin Organization merged with PREIT and became chairman of its board of trustees in 2001. His accomplishments include the redevelopment of notable Philadelphia-area retail properties including the Willow Grove Park, Cherry Hill, and Plymouth Meeting malls.

Rubin was a prominent figure in the Philadelphia community, having served as a director of the Regional Performing Arts Center, a chairman of Center City District, and president of the Jewish Federation of Greater Pennsylvania. He currently serves as co-chairman of the National Museum of American Jewish History and as a director of PECO Energy Company.

"All of the members of the board wish to extend their gratitude to Mr. Rubin for his service to the company as chairman and for his years of remarkable dedication and leadership. We expect that he will continue as a board member,” said M. Walt D'Alessio, PREIT's lead independent trustee.


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