Long Island City is getting its first Target store.
The private equity fund Savanna will lease 31,000 square feet of space at the bottom of its 53-story One Court Square office tower to the retail chain. The new store will occupy both the ground and second floors.
It will be the seventh Target location in Queens.
The tower is the first office-and-retail building in Long Island City after a decade of residential development and industrial-to-office building conversions redeveloped the neighborhood.
“We’re extremely pleased to welcome Target to One Court Square,” said Brian Reiver, managing director at Savanna in a statement. “The transaction establishes a true anchor retailer that further validates One Court Square as the center of Long Island City.”
Cable company Altice has been headquartered in the building since 2017, after CitiGroup, the previous tenant and owner, left the building.
Savanna is working on an $85 million capital improvement to transform the 1.5-million-square-foot building.
Jeff Howard and Ben Weiner of RIPCO Real Estate represented Target in the transaction, while Steve Baker and Daniyel Cohen of Winick Realty Group represented Savanna.