Founder – HedgeFundSpaces.com
New York State Licensed Real Estate Salesperson
As the insatiable demand for quality workspaces in Midtown South continues, many owners continue to extensively renovate their existing assets to lure big name tenants. Though these upgrades make significant differences in both perception and workplace experiences, modernizing antiquated assets is not the same as building brand new, ground-up construction. Accordingly, when Rockpoint Group, a Boston based real estate private equity fund, had the opportunity to construct a world-class office tower in The Meatpacking District in New York City, they did not let anyone down. Check out the link to their marketing materials here and video teaser below.
Originally slated to be a hotel, Rockpoint changed their mind due to the softening of the hotel market and overwhelming flight to quality for office construction throughout Manhattan. The property (which is really two adjoining office buildings) is comprised of 412 West 15th St, where the 18-story glass and steel tower is just being completed and 413 West 14th St, a recently renovated loft building which connects from the back. Though the project is still to-be-completed, there have already been notable leases signed including RTW Investments and Tikehau Capital.
Tikehau Capital, a London based alternative investment manager with nearly $13 billion under management, signed a long-term lease for the top two floors (17th & 18th) of the trophy office tower. Since they plan on being there for a while, they have opted to put their to-be-constructed growth space (partial 17th floor) on the market for sublease. Measuring 6,092 rentable square feet, Tikehau will is constructing the premises with 3 offices, 2 breakout rooms (which can be converted into offices), a large boardroom, open pantry, formal reception area and trading floor for 30 people. As one can expect, the luxury finishes will be top of the line and it will likely be one of the nicest small spaces in all of Midtown South. That being said, this space isn’t for someone with champagne tastes on a beer budget. Asking rent is $185 per square foot, although that does come with furniture and incredible views. Click here to contact us for more information or here for our free office space search.
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