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Forest City seals 42nd St. deal with Host Marriott Services.

Forest City Ratner Companies' (FCRC) 42nd Street Entertainment and Retail Development took another major step forward on January 5th with the announcement by FCRC that it had signed a lease with Host Marriott Services to develop and operate the food and beverage concession operations at the company's 335,000 square-foot venture in Times square.

The 10-year lease (with options to renew) is the first joint venture ever between FCRC - the #1 developer of commercial and retail projects in New York over the last decade and the Bethesda, MD-based Host Marriott Services, the leading multi-concept food, beverage and retail concessionaire with nearly 200 travel and entertainment venues in seven countries.

Under the terms of the lease, Host Marriott Services will develop and operate some 35,000 square feet of food and beverage operations within the 42nd Street FCRC project, including a food court, a combination of quick-service eateries, a kiosk and cafe-style restaurants. Host Marriott Services has already received commitments permitting it to operate the following popular food franchises: Cheesecake Factory Bakery Cafe; Ruby's Dinette; Jody Maroni's/Sausage Kingdom; Cool Planet, an ice cream and dessert cafe; Ranch #1; and Yeung's Lotus Express, featuring Asian specialties. It will even be possible to buy movie tickets in the Food Court and directly enter the lobby of the 25-screen, 5,000-seat AMC Theater Cineplex, a centerpiece of the 42nd Street development.

In addition to the AMC Theater Cineplex (with its lobby incorporating elements from the 86-year- old Empire Theater, which was lifted up and relocated westward on 42nd Street to the site of the new AMC Theater), and the food and beverage operations of Host Marriott, FCRC's 42nd Street Retail and Entertainment Development will be the very first Madame Tussaud's Wax Museum to be opened in North America, and retail outlets such as HMV Record Stores and Just for Feet on 13 different levels.

Robert K. Futterman, president of Robert K. Futterman & Associates LLC (RKF), and Howard I. Gilbert, senior managing director at RKF, represented Forest City Ratner in the transaction, which was negotiated during their tenure at Garrick-Aug Associates Store Leasing.
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Title Annotation:Forest City Ratner Companies
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U2NY
Date:Jan 20, 1999
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