Cushman & Wakefield Inks Qdoba Lease At 40 Park In Morristown

Two Additional Restaurants Set to Open at Mixed-Use Property in Coming Weeks. End Quote

Newark, NJ (1888PressRelease) January 15, 2011 - Qdoba Mexican Grill has become the latest tenant to lease space at The Shops on the Green in Morristown, announced Rick Rizzuto and Michael Stone of commercial real estate services firm Cushman & Wakefield, Inc., exclusive leasing agent. The fast-casual restaurant will open in 2,100 square feet there this spring.

As the amenities component of Rosewood's 40 Park luxury residential development, The Shops on the Green features more than 70,000 square feet of retail beneath seven stories housing 60 condominium and 13 penthouse units. It also anchors The Metropolitan, a seven-story 130-unit luxury rental building, and The Lofts, a 30-unit condominium property.

Jason Pierson of CBRE represented Qdoba during lease negotiations.

"Qdoba is a welcome addition to the dining mix at 40 Park," Stone said. "Additionally, two Harvest Restaurants establishments - Roots II, a high-end steakhouse, and Urban Table, a casual eatery with an eclectic menu - will open in the next few weeks."

Harvest is a well-known owner/operator of upscale restaurants in northern New Jersey. The company leased 10,700 square feet at 40 Park in early 2010 for the two concepts.

According to Rizzuto, the three new dining tenants - and the larger Shops on the Green project - represent a positive step toward re-establishing downtown Morristown as a destination for shopping, dining and community. They will join AT&T, which was the first retailer to lease space at the property.

"The only remaining spot on the front side of the project is a 1,000-square-foot unit, which leads to a 24,000-square-foot lower-level space that would be ideal for a health club or electronics store," he said.

"We have approximately 7,000 square feet of additional ground-floor space on the market street/piazza side of the building, plus 11,000 square feet at The Metropolitan," he added. "For the balance, we are looking to bring in boutique retail - clothing companies, book stores and the like - and a high-end grocer to round out the tenant mix."

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