Fast Casual Dining Establishment Chain, Which Signed a 126,000-SF, 15-Year Business Office Lease in Downtown Denver in December, is Now Movinged Towards California
Imagined: 1144 15th St. in Downtown Denver, where Chipotle signed a 126,000-square-foot lease in December for the quick casual restaurant chain’s corporate headquarters. The business will now be headed to Newport Beach, CA.Less than six months after committing to relocate its home office to the just recently finished 1144 15th St.office tower, Chipotle Mexican Grill said Wednesday that it prepares to move its head office out of Denver, choosing rather for a home office in Newport Beach, CA. The relocation will happen by the 4th quarter of 2018 and will affect about 400
staff members in Denver, according to a release issued by the company. “We have a significant opportunity at Chipotle to shape the future of
our company and drive growth through our new method,”stated Brian Niccol, the recently appointed CEO of Chipotle, in a statement.” In order to align the structure around our strategic concerns, we are changing our culture and building first-rate groups to renew the brand name and enable our long-lasting success.””We’ll always be proud of our Denver roots where we opened our first restaurant 25 years back. The consolidation of offices and the relocate to California will help us drive sustainable growth while continuing to place us well in the competitors for leading talent,”included Niccol. Niccol took control of as CEO of Chipotle(NYSE:
CMG)in February. Prior to that, he led Taco Bell , which is headquartered in Irvine, CA, situated about 10 miles from Newport Beach. In December, just before Niccol’s arrival, Chipotle announced it had agreed to a 15-year offer to lease 126,000 square feet in Denver’s newest skyscraper, a 40-story, 670,000-square-foot office tower established by Hines, for its corporate headquarters. An agent from Hines did not immediately respond to email requests for comment Wednesday, and an agent from JLL, the industrial property business that noted the residential or commercial property, decreased to comment. Chipotle declined to comment beyond the release.”Functions within the present Denver office will either be consolidated in Chipotle’s existing office in Columbus, OH
or moved to the brand-new headquarters in Newport Beach,”Chipotle said in its release. The lease at 1144 15th was suggested to consolidate existing Denver office spaces at 1401 and 1515 Wynkoop St. Those offices
will now be closed. Chipotle will transition its Denver and New York workplace works out of those cities over the next six months, the release states
. Some of the affected employees have actually been used moving and retention packages, inning accordance with Chipotle’s statement.