Bistro Group seals P175-M NDC lease

The National Development Company has secured roughly P175 million in revenue for the next 25 years from The Bistro Group restaurant chain.

This, after TBG Shared Services Inc. sealed a long-term 25-year commercial lease agreement with Department of Trade and Industry attached agency, NDC.

“Per ballpark figures, the yearly lease is upwards of P7 million yearly. Funds generated from the lease will be used in other current and/or future projects of NDC,” said NDC assistant general manager Rocky Acot.

Restaurant brands operator

TBG Shared Services Inc. is the operator of 23 popular restaurant brands in the Philippines including TGI Fridays, Hard Rock Café and Texas Roadhouse. 

The signing ceremony between NDC general manager Anton Mauricio and TBG president Jean-Paul Manuud was held at Italianni’s Circuit (one of TBG’s restaurant concepts) last 21 February 2024.

The long-term commercial lease covers a vacant lot owned by NDC along Kamagong Street, Makati City, and will become the site of TBG Shared Services' new corporate head office, consisting of up to five floors of office space, along with planned commercial spaces on the ground floor. 

Through a series of amicable negotiations, the lease agreement was finally concluded this 2024, the NDC said.

Expected completion date will be in 2026.

Manuud shared how the restaurant group repeatedly returned to eyeing the NDC lot as the site of their planned new headquarters. 

Established roots

“Kamagong Street is an integral part of our company’s history. We established our roots in this space in 1994 and it has been our home since. It was a testament to the growth of The Bistro Group for nearly 30 years. We find this an ideal location for some Bistro restaurants that we will open at the ground level (soon),” he said.