Children's Museum gains McDonald's as its first tenant

August 26, 1999|By Gerard Shields | Gerard Shields,SUN STAFF

The city's new Children's Museum has lured a tenant guaranteed to be a bona fide hit with its child customers: McDonald's.

The city Board of Estimates approved yesterday a lease between the fast-food restaurant chain and Port Discovery, the new $32 million interactive children's museum at Market Place.

Under the lease, McDonald's Corp. will rent 4,752 square feet for $60,000 a year.

In addition, McDonald's will give the museum 4 percent of its profits over $1.25 million annually and 2 percent of profits under that. The company contributed $1.5 million to the museum, which opened in December.

City real estate manager Anthony J. Ambridge questioned the agreement, noting that McDonald's will be leasing the space for a little more than $12 per square foot, almost eight times lower than other city office rents.

But Mark Pollak, an attorney representing the Children's Museum, defended the agreement, saying that McDonald's was the only prospective tenant interested in moving into the new development.

"This space has been vacant ever since the Fish Market closed," Pollak said. "It's a good, healthy relationship with McDonald's."

The restaurant is expected to open within three months.

Pub Date: 8/26/99

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