Content area
Full Text
In today's culture of celebrity, restaurateurs are staking their own claims to fame. Danny Meyer, the force behind Union Square Cafe and Gramercy Tavern, has appeared in American Express advertisements. Drew Nieporent and his partner, Robert De Niro, have received lavish press attention each time they've opened one of their restaurants, which include Layla, Zeppole and Nobu.
Having attained greater visibility in the public eye, restaurateurs are now seeking recognition from their landlords. Because they see their businesses as adding value to the office buildings and hotels where they are located, food impresarios are asking landlords to kick in for the expensive build-outs of restaurants--and some are consenting.
"For the right credit tenant, assuming you can structure the proper rental package, making a significant landlord contribution is not anathema," says Mitchell Rutter, president of Essex Capital Partners, which is a joint venture partner in 1500 Broadway and 2 Dag Hammarskoeld Plaza.
"The reason is that it anchors your project," says Mr. Rutter. Once you get the key tenant, that will bring the complementary tenants."
...