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Red Robin Renews HQ Lease at Tuscany Plaza

Casual Restaurant Chain Will Maintain Corporate Offices in Greenwood Village Despite Planned Layoffs
January 17, 2018
Greenwood Village-based restaurant company Red Robin International (NYSE: RRGB) renewed its lease at Tuscany Plaza, cementing a corporate headquarters in metro Denver after new reports that the company would lay off an unknown number of people at its corporate office.

Red Robin renewed its lease for 65,000 square feet of space in the six-story building at 6312 S. Fiddler’s Green Circle in Greenwood Village, and is planning renovations starting later this year.

A Denver Business Journal report last week indicated that Red Robin would lay off workers this month both at the corporate and restaurant level, but did not cite a specific number of workers impacted.

Renovations planned for Red Robin include new work spaces, small conference rooms and new furniture and equipment to meet the needs of 300 employees at the office, according to a news release from Newmark Knight Frank, which represented Red Robin.

Terms of the lease have not been disclosed.

"We evaluated numerous alternatives with the assistance of NKF and Jim McGrath - who assisted us with our original lease at Tuscany Plaza in 2000 - and we are thrilled to recommit to Denver and Tuscany Plaza for our company headquarters," said Abby Gilbertson, Red Robin’s director of corporate and franchise development. "Many complicating factors were taken into consideration, including whether to combine Red Robin’s test kitchen with our corporate headquarters, but in the end, we determined it warranted a separate location."

Red Robin has occupied the space at Tuscany Plaza since 2000, and decided to remain there as its lease renewal approached.

"After studying Red Robin's culture, we evaluated several buildings that would enable Red Robin to enhance its workplace and team members’ productivity," said NKF executive managing director Jim McGrath. "In the final analysis, Tuscany Plaza presented the optimal combination of location, workplace design and overall cost. This decision became clear under the building’s new ownership of Crescent Real Estate and their commitment to retain Red Robin as the anchor tenant in the building."

Crescent Real Estate purchased Tuscany Plaza, which was developed by John Madden Co. in 1985, in 2016.

In addition to McGrath, NKF’s Tom Pappas represented Red Robin. Andrew McCabe, Dan Miller and Douglas Wulf of Cushman & Wakefield brokered the deal for Crescent.

Molly Armbrister, Denver Market Reporter  CoStar Group   
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