Shake Shack Signs Lease in Herald Square [Updated]
By Danielle Schlanger September 17, 2014 10:05 am
reprints
Burger lovers, rejoice. Danny Meyer’s celebrated Shake Shack has signed a lease in Herald Square.
First reported by the New York Post, Shake Shack will occupy 3,265 square feet at 1333 Broadway, a property owned by Empire State Realty Trust.
“Herald Square is marching up the Broadway Corridor attracting top retailers, which is part of the remarkable transformation of the neighborhood in which we were first movers in upgrading our own properties,” said Thomas P. Durels, ESRT’s executive vice president and director of leasing and operations, in a prepared statement.
CBRE’s Andrew S. Goldberg and Matt Chmielecki represented Danny Meyer, and Fred Posniak and Ryan Kass represented ESRT in-house.
“Shake Shack wanted to be in Herald Square,” Mr. Chmielecki told Commecial Observer. “They’re expanding at all the major transit hubs and the areas with the most foot traffic in the city. Times Square is a big store for them, and they’re expecting a similar outcome for Herald Square.”
The asking rent was $300 per foot.
Mr. Chmielecki noted that the building, located on the corner of 36th Street, pulls traffic from both Times Square and Herald Square, as well as Macy’s flagship store. It is also well-positioned to cater to the burgeoning tech scene in the area.
The property is also home to the world’s largest Urban Outfitters store, which opened earlier this year.
Update: This post has been updated to include a quote from Mr. Chmielecki and the asking rent per-square-foot.
