Handler Real Estate Organization has completed a long-term renewal with anchor retail tenant Wasabi — a premium, London-based sushi and bento chain — at 561 Seventh Ave.. Wasabi has occupied the two-floor, 3,400-square-foot space since 2014, when it opened this store as its flagship U.S. location.
“Wasabi has been a tremendous tenant, doing significant business as our retail anchor,” said Handler’s Principal and Chief Executive Officer Scott Galin, who noted that Wasabi is now joined by other new in-demand hotels and eateries in the immediate area, including Margaritaville, Yard House and Pink Taco. “Wasabi continues to grow, thriving at 561 Seventh Ave. We are thrilled to renew them for the long term.”
Galin noted that Wasabi still had term remaining on its existing lease but chose to sign an early long-term renewal to lock in the space.
“We are delighted to be securing Wasabi’s long-term tenancy in this iconic location in the heart of Midtown Manhattan,” said Henry Brits, Wasabi’s CEO. “Seventh Avenue will continue to be the cornerstone location for our U.S. business, and we look forward to many more years of successful trading. We are particularly pleased to be renewing our lease, having navigated the numerous COVID-19-related challenges the industry has faced over the past three years with the full support of The Handler Real Estate Organization.”
Established in 2003, and with 43 locations in the U.K., Wasabi became the first company in London to sell individually wrapped pieces of sushi, with the aim of revolutionizing the lunchtime market and providing a healthy alternative to sandwiches. The restaurant presents sushi and hot authentic dishes such as bento boxes, Chicken Katsu curry and Teriyaki Chicken, as well as an incredible line of noodle soups.
Wasabi is planning to modernize the space, including a re-invigorated hot food offer, a fully refreshed interior, and updated external brand signage, with plans to unveil the new look in late 2024/early 2025.
The landlord, Handler Real Estate Organization, was represented internally in the Wasabi transaction by Scott Galin, Darell Handler and Kyle Galin. There was no tenant representative in this transaction.
