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PAX closes 21-year net lease on 6th.

Hidrock Realty has arranged a 21year net-lease for PAX Ventures for 5,500 s/f at 958 Avenue of the Americas, announces Abraham J. Hidary, president of Hidrock.

The transaction includes all five stories of the building and the basement, with an aggregate rent of approximately $13 million.

PAX Ventures, which owns the Pax Wholesome Foods and Cafe Europa eateries, will take occupancy of the building on January 1, 2009.

The Herald Square site (at 35th Street) will be the food merchant's 33rd Manhattan location.

"Hungry New Yorkers are already familiar with the Pax brand name, and this latest expansion, coming just three months after the opening of another PAX eatery at 966 Ave. of the Americas, demonstrates the continued confidence of the company in the Herald Square market," says Jack Terzi, of Hidrock Realty.

PAX will use the basement, ground and second floors for retail. Its plans for the third to fifth floors are yet to be determined.

Terzi represented the landlord, SCG Realty II LLC, and PAX Ventures in the deal.

Hidrock Realty is a 25-year-old private real estate firm with properties throughout the East Coast. Based in Manhattan, the firm provides fully integrated real estate services.
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Title Annotation:NATIONAL ROUND-UP; PAX Ventures
Comment:PAX closes 21-year net lease on 6th.(NATIONAL ROUND-UP)(PAX Ventures )
Publication:Real Estate Weekly
Article Type:Brief article
Date:Aug 6, 2008
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