Dean & DeLuca renews at 560 B'way for 15 years.

Dean & DeLuca has renewed its lease for the store on the Manhattan corner where the upscale grocer relocated and expanded some 20 years ago.

The well-known retailer of gourmet foods, wines, kitchenware and gifts has renewed its 30,000 s/f presence for another 15 years at 560 Broadway, a six-story loft building, with 120,000 square feet of office space, at the corner of Broadway and Prince in Manhattan's SoHo district.

The building is owned by 560 Associates LLC, a partnership in which Newmark Knight Frank Chairman Jeffrey Gural serves as managing member. Gural and Donna Vogel, asset manager for Newmark Knight Frank, negotiated the deal on behalf of ownership. Dean & DeLuca was represented internally.

Dean & DeLuca, established in 1977, opened this store location in 1988, according to Gural.

"We made a deal with Dean & DeLuca right after we bought the building, with the idea that putting them on this corner would help kick off the revitalization of SoHo and the Broadway corridor, which at that time were very distressed areas," Gural said.

"By being true pioneers and establishing a strong retail presence where no one else was then willing to go, Dean & DeLuca has played a huge role in turning our vision into reality. I think everyone would agree that the Broadway Corridor in SoHo is now one of the finest retail locations in the world."

Dean & DeLuca plans to grow its already strong presence in this rejuvenated marketplace. It now utilizes 10,000 s/f on the ground floor as retail space, with an additional 20,000 square feet on the basement and sub-basement levels of the building used for storage and cooking. Within the next 12 months, according to Gural, the retailer plans to expand its retail space to incorporate the basement level.