Red Lobster to open restaurant at 5 Times Square. (Retail New York).

Red Lobster, the world's largest seafood casual dining restaurant operation, will open its first establishment in Manhattan next year. The restauarant has signed a ten-year lease to occupy a 14,513-SF three-level mega premise at 5 TIMES SQUARE, at the corner of 41st Street and Seventh Avenue. Insignia/ESG's David Green and C. Bradley Mendelson arranged the transaction on behalf of landlord Boston Properties, while Andrew Mandel and Peter Ripka of Ripco represented Red Lobster.

"We are very excited that Red Lobster has finally come to New York. And where better to debut than in Times Square! The space is generous, highly visible, and an ideal location to attract the busy pedestrian traffic that exists 24/7 in Times Square," said Green who added that only a space with 6,000 SF on the ground floor and up to 5,600 SF on the second floor now remains available at the property.

The space will comprise 3,277 SF on the ground floor and 11,236 SF on the second. In true Times Square fashion where "anything goes" as far as signage is concerned, a giant mechanical red lobster will be affixed to the restaurant luring diners coming southward on Seventh Avenue and eastward on 42nd Street.

"We are proud to be a new neighbor in the New York area and look forward to serving great seafood to the residents here," said Edna Morris, Red Lobster's president.

"Boston Properties looks forward to accommodating such a well-known national restaurant as Red Lobster," said Mendelson who, together with Green, negotiated the 10,127-SF lease for Champs Sports, adjacent to the Red Lobster space, earlier this year.

"We are pleased to welcome Red Lobster to Times Square and are delighted that they chose 5 Times Square as their flagship location," said Robert Selsam, senior vice president and regional manager, Boston Properties.