With a new 15-year lease, Baltimore’s venerable Prime Rib restaurant is in historic Mt. Vernon to stay. After a couple of years of very public debate over whether to move the iconic restaurant from its home of 58 years, the Prime Rib has doubled up on its commitment to Mt Vernon and plans an expansion and extensive remodeling. Gilbert Trout, of TD&A, brokered the deal on behalf of Southern Management Corporation, which owns and manages the Horizon House, a brick tower at Chase and Calvert streets with 220 apartments.
States Trout, “The Prime Rib has been a classic foodie destination for decades, so when word hit the street that their lease was expiring, I knew they had many suitors. Here’s why this deal succeeded when other attempts to relocate them didn’t: first, both Southern Management and The Prime Rib were committed to staying in Mount Vernon; Then, rather than starting with lease negotiations, we focused on partnering. To do this, we brought in some of Baltimore’s best architects and contractors and structured collaborative visioning sessions to help both sides conceptualize how to maximize the existing ambiance and enhance customer experience. My feeling was that if both sides wanted to make this deal happen, and if both sides understood the other side’s position, we could surmount any obstacle we faced in getting this important lease signed.”
We are expecting The Prime Rib’s loyal customer base to love the new and revitalized layout they have planned, and by signing a long-term lease, both Southern Management and The Prime Rib are demonstrating their fidelity to their customers, Mount Vernon and to Baltimore City.”
For more information, contact Gilbert R. Trout at 443-921-9332 or firstname.lastname@example.org
TD&A is a full-service commercial real estate brokerage serving businesses throughout the mid-Atlantic and beyond. The firm takes a highly-customizable approach to provide a full range of commercial real estate services, including brokerage, development, consulting, and management to the retail, office, industrial, multi-family, and investment market segments.
For more information, call 410-435-4004 or visit: www.troutdaniel.com.