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Silverstein's Lucky Strike a deal worth waiting for.

California-based Lucky Strike Entertainment today announced the launch of a new, upscale bowling lounge at Silverstein Properties' One River Place, a luxury residential complex located between 41st and 42nd Streets and 12th Avenue.

Deemed "America's first true bowling lounge," Lucky Strike Lanes started in Hollywood, California and has since grown to 15 locations across the United States.

Occupying 33,600 s/f, the New York destination will feature stylish bowling lanes, gourmet dining and signature cocktails. The project is scheduled for completion by fall 2008.

Steven Foster, founder and owner of Lucky Strike Entertainment said: "We are excited to be a part of the Westward expansion of Midtown. This location on 42nd street offers a great opportunity for Lucky Strike to make inroads into New York City. Our intention is to have at least one Lucky Strike in each of the five boroughs."

Acting as exclusive leasing agent for River Place, Jedd Nero, executive vice president of CB Richard Ellis Retail Services worked closely with Catherine T. Giliberti, managing director and senior vice president of Silverstein Properties in arranging the 33,600 s/f lease.

Dan Gronich, vice chairman of Grubb & Ellis New York, initiated the idea and presented the location to Lucky Strike for review. Gary Schwartzman, associate managing director of Grubb & Ellis New York, also represented Lucky Strike in the negotiations.

"The addition of Lucky Strike Entertainment to the retail portion of One River Place is a further signal of the growth and development of the far West Side of Manhattan," said Larry A. Silverstein, president and CEO of Silverstein Properties.

"This part of New York City--located adjacent to Times Square and recently rezoned by the city--is becoming the new hub of Manhattan's vibrant Midtown district. Lucky Strike is a perfect fit with the high-quality real estate being added to the neighborhood, including the luxury Silver Towers at River Place which we are developing next door."

"While we had several offers from major national and international retailers, Silverstein Properties was extremely selective in the type of user that would be the retail anchor of its luxury residential complex," said Jedd Nero.

"Lucky Strike was the ideal destination-type retail tenant we were looking for and we are pleased to have a name of this caliber on the base of this great property."

Catherine T. Giliberti said: "Lucky Strike is a fabulous amenity for our tenants at River Place and for everyone who lives, works and visits the neighborhood. We are delighted to be able to bring this vibrant entertainment facility to the West Side community; it's a very positive addition to West 42nd Street."

"This location offers an incredible branding opportunity for Lucky Strike's foray into the New York market," said Dan Gronich. "The space provides them with high visibility and excellent signage. Lucky Strike gets to be part of the Times Square/42nd Street area as well as the opportunity to become a part of the rapidly expanding West Side while benefiting NYC by anchoring West 42nd Street with an exciting and unique new entertainment destination."
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Title Annotation:Lucky Strike Entertainment Inc.; Silverstein Properties Inc.
Comment:Silverstein's Lucky Strike a deal worth waiting for.(Lucky Strike Entertainment Inc.)(Silverstein Properties Inc.)
Publication:Real Estate Weekly
Date:Feb 13, 2008
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