NEW YORK, Sept. 19 -- Hines issued the following news release:
Shake Shack (NYSE: SHAK) has signed a 27,000-square-foot lease for a new flagship restaurant, state-of-the-art test kitchen and home office at Trinity Hudson Holdings' 225 Varick Street where Hudson Square meets the West Village. The deal was announced by operating partner Hines on behalf of a joint venture led by Trinity Real Estate. Paul Amrich, Howard Fiddle, Patrice Meagher, and Zakery Snider of CBRE represented ownership and the tenant was represented by Mark Weiss of Cushman & Wakefield.
The lease comprises 3,000 square feet of prime retail space where Shake Shack will open a flagship restaurant and test kitchen in a highly visible, West Village location facing Seventh Avenue at Varick Street and 24,000 square feet of office space where Shake Shack will relocate its home office from Union Square - both slated for early 2018.
Shake Shack is a modern day "roadside" burger stand known for its 100 percent all-natural Angus beef burgers and chicken sandwiches (no added hormones or antibiotics ever), flat-top dogs, crispy crinkle-cut fries, fresh-made frozen custard, beer and wine and more. Beginning as a hot dog cart in New York's Madison Square Park, the company has grown steadily across North America and expanded into Europe, the Middle East and Asia with more than 135 locations globally.
"The space at 225 Varick presents a unique opportunity to bring the in-shack experience, culinary development and business operations all under one roof," said Andrew McCaughan, VP of development at Shake Shack. He continues, "We are thrilled to bring Shake Shack to the West Village and create a unique community gathering place for the neighborhood. The addition of a proper test kitchen will allow for further menu development as we scale--we are excited to see what our culinary team will dream up next!"
With the Shake Shack lease and other recent activity, the 372,000-square-foot building will be 100 percent leased. Along with the new lease, building ownership announced a major upgrade to the building lobby designed by A+I architects including a recapture of 1,500 square feet of retail space, to create a more gracious and modern lobby, appealing to a new generation of tenants.
Tommy Craig, head of Hines' Tri-State office commented, "Shake Shack joins the growing roster of global creative brands that have made Hudson Square home. The space at 225 Varick will give them an opportunity to create a productive new home office space in an established neighborhood for creative companies on the cutting edge of the new economy. Their ground-floor restaurant will also be a terrific addition to the joint venture's campus of office buildings along with Trinity's other properties and the neighborhood. 225 Varick is a great example of how we are continuing to help Trinity advance its vision and commitment to transforming the neighborhood and this special collection of buildings to attract the very best tenants."
225 Varick is one of 12 assets in the Trinity Hudson Holdings joint venture. The buildings built in the early 1900s to house printing presses, were redeveloped by Trinity into a hub for creative industries and businesses drawn to the large floor plates, flexibility of the lease space and energy of the neighborhood. As a prominent property owner for more than 300 years and the largest and most-active owner in Hudson Square, Trinity has played a vital role in shaping lower Manhattan.
David Godbout, CEO of Trinity Hudson Holdings and head of real estate for Trinity, added, "Trinity's ongoing stewardship of and reinvestment in its Trinity Hudson Holdings portfolio is creating a vibrant neighborhood that fosters the innovation and creativity that are keys to the new economy and today's urban lifestyle. We are committed to seeing through our vision of a dynamic 24/7 community in Hudson Square that will help fuel the continued growth of New York City and continue to support the important work of Trinity Church and its global ministries."
About Shake Shack: Shake Shack is a modern day "roadside" burger stand known for its 100% all-natural Angus beef burgers and flat-top Vienna beef dogs (no added hormones and no antibiotics ever), 100% all-natural chicken (no antibiotics ever), spun-fresh frozen custard, crinkle cut fries, craft beer and wine (available at select locations) and more. With its fresh, simple, high-quality food at a great value, Shake Shack is a fun and lively community gathering place with widespread appeal. Shake Shack's mission is to Stand For Something Good, from its premium ingredients and caring hiring practices to its inspiring designs and deep community investment. Since the original Shack opened in 2004 in NYC's Madison Square Park, the company has expanded to more than 85 locations in 18 U.S. states and the District of Columbia, and more than 50 international locations including London, Istanbul, Dubai, Tokyo, Moscow, Seoul and more.
About Trinity Hudson Holdings: Trinity Hudson Holdings is a joint venture led by property owner and majority partner Trinity Church Wall Street and managed by operating partner Hines. The portfolio comprises 12 properties totaling six million square feet of commercial space in Manhattan's Hudson Square neighborhood including 12-16 Vestry Street, 200 Hudson Street, 205 Hudson Street, 75 Varick Street, 100 Avenue of the Americas, 155 Avenue of the Americas, 345 Hudson Street, 350 Hudson Street, 10 Hudson Square, 225 Varick Street, 435 Hudson Street, and the recently acquired 375 Hudson Street. The reimagined former industrial buildings boast a world-class roster of leading creative tenants including advertising agencies, new media companies, designers, architects, software developers, and other high-profile companies.
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