Cushman & Wakefield’s Steven Soutendijk, Kenji Ota and Neil Seth represented the landlord, Rockpoint Group, in this transaction. Matthew Chmielecki and Preston Cannon from CBRE represented the tenant.
“The retail space at the corner of 53rd Street and Seventh Avenue will give Shake Shack tremendous presence, visibility and outdoor seating,” said Steven Soutendijk of Cushman & Wakefield. “With significant foot traffic from nearby office workers, tourists and residents, this location will be an unparalleled activation of vacant retail space and a previously-underutilized plaza area.
Along with adding a Shake Shack to the ground floor, Rockhill Management, an affiliate of Rockpoint Group, is opening a 10,000 square-foot amenity space designed by Fogarty Finger Architects for tenants of 1700 Broadway. The “1700 Broadway Club” will feature a 2,200-square-foot outdoor space overlooking Broadway from the 12th floor terrace. The Club will feature a bar with a full liquor license, a lounge area, and a variety of meeting and event spaces including an 800 square foot multi-purpose room, a boardroom with breakout area, and a Lifestyle Lab quiet workspace. The space will be available to Tenants via membership.
Rockpoint and Rockhill are also working with Fogarty Finger to design a new lobby and have recently completed three floors of prebuilt office space with availabilities ranging from 6,500 to 13,500 square feet.
The Shake Shack will feature all the Shack classics, including the ShackBurger®, crinkle-cut fries and hand-spun shakes, plus a selection of frozen custard concretes in collaboration with local food purveyors.
1700 Broadway, home to CBS Corporation, Gensler, and the Cardiovascular Research Foundation among others, is an ideal central location in Midtown Manhattan just a few blocks from Central Park and Columbus Circle. The property is in proximity to multiple subway stations including the 50th Street Station and 59th Street Columbus Circle Station.
For more information, please visit www.1700broadway.com External Link
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Rockpoint Group:
Rockpoint Group, L.L.C. (“Rockpoint”) is a real estate private equity firm and Registered Investment Adviser with its headquarters in Boston and with additional primary offices in San Francisco and Dallas. Rockpoint employs a fundamental value approach to investing and targets select product types located primarily in major coastal markets in the United States. Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to replacement cost and stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations. Since 1994, Rockpoint’s co-founders with others have sponsored 15 commingled funds and related co-investment vehicles through Rockpoint and a predecessor firm. In total, they have raised approximately $22 billion in capital commitments and invested or committed to invest in 416 transactions with a total peak capitalization of $58 billion (inclusive of fund equity, co-investor equity and debt).
About Rockhill Management:
Rockhill Management, L.L.C. (“Rockhill”), an affiliate of Rockpoint Group, is a dedicated property services management company that serves commercial properties in gateway cities throughout the United States. With its focus on personalized service, premium amenities, environmental sustainability, and proactive relationship management, Rockhill employs the latest technologies and a concierge-like approach to property management in order to foster an elevated tenant experience across approximately 10.0 million square feet of real estate in the Greater Boston, New York, San Francisco Bay, South Florida, Southern California, and Washington, D.C. metropolitan areas.
About Shake Shack:
Shake Shack is a modern day “roadside” burger stand known for its 100% all-natural Angus beef burgers, chicken sandwiches and flat-top Vienna beef dogs (no hormones or antibiotics – ever), spun-fresh frozen custard, crinkle cut fries, craft beer and wine 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 230 locations in 26 U.S. States and the District of Columbia, including more than 70 international locations across London, Hong Kong, Istanbul, Dubai, Philippines, Singapore, Mexico, Tokyo, Moscow, Seoul and more. Skip the line with the Shack App External Link, a mobile ordering app that lets you save time by ordering ahead! Guests can select their location, pick their food, choose a pickup time and their meal will be cooked-to-order and timed to arrival. Available on iOS and Android