Ferry Building: Mistral Rotisserie may have closed a month ago, but there's still some ill will lingering over its disheartening exit from the Ferry Building. Now, this isn't the first time we've heard complaints about the raised rents (some original leases are up), and sadly, we have a feeling it won't be the last. The following excerpt from owner Betty Marcon comes via Chowhound; sift through the sour grapes to uncover a bit of insight into the messy lease process and some predictions for the Ferry Building:
When this post was originally written, we had been told we had until October 31, 2008 to leave the Ferry Building. We lost our lease and we had a legal judgement which gave us until the 31. Once we paid Equity Office Properties everything we owed them, they came back and dangled the long-term lease in front of our face. Then when we let the press/networking boards know we might be staying, they became "disappointed" and pulled their offer. It was September 15.
So we were back to the drawing board. In hopes of finding a tenant for the space who would purchase the kitchen from us intact (for a fraction of what the business would be worth with a lease), we got an extension until Dec. 31 ... On December 20th, we closed for good ...Given that the Ferry Building remains one of the top food locations in the city—if not the top location—it's hard to envision two spaces going unclaimed for long, though we suppose anything's possible in this economy, especially if the aforementioned lease claims are indeed true.
Please beware: big private equity firms like Blackstone, who owns Equity Office Properties are not in the business to keep communities thriving. They are in the business of destruction for the sake of profit. The Ferry Building has two empty spots, gapping holes, and mark my words, it will be a long time before anyone opens up again there. BTW, we were doing well there, business would have continued to thrive, but the circumstances surrounding the lease were insurmountable.
· Ferry Building Changes: Mistral out, Blue Bottle in [CH]
· The Shutter: Mistral Leaves the Ferry Building [~ESF~]
· Ferry Building rental hike worries some [ABC]