$300M Office Project Coming to Manhattan’s Midtown South
- Sep 17, 2018
Columbia Property Trust and Normandy Real Estate Partners have formed a 50-50 joint venture to develop a $300 million boutique office building at 799 Broadway in Manhattan’s Midtown South.
The site is at the corner of 11th Street and Broadway, where Union Square and Greenwich Village converge. The 12-story loft-style building will total 182,000 square feet of boutique office space in floorplates ranging from 3,600 to 22,000 square feet.
Perkins+Will designed the project, which is expected to feature floor-to-ceiling glass, private terraces and 15-foot ceilings. The development is scheduled for completion in the second half of 2020.
“With its high-end amenities and features, this unique building will be ideally suited for tenants seeking a creative and collaborative environment and should benefit from the limited supply of newly developed properties in this highly desirable neighborhood,” Jeffrey Gronning, a founder & partner of Normandy Real Estate Partners, said in a prepared statement.
The site is occupied by a building that was formerly a hotel, but was later converted to office use, a Columbia spokesperson told Commercial Property Executive. Demolition on that structure has not yet begun.
When completed, 799 Broadway will join Columbia’s Manhattan portfolio, which also includes 218 W. 18th St., 249 W. 17th St., 114 Fifth Ave., 229 W. 43rd St., 315 Park Ave. S., and 149 Madison Ave.
Boutique gets bigger
Although perhaps more associated with projects in Brooklyn or across the river in New Jersey, boutique office is a solidifying niche in Manhattan itself.
In January, Meridian Capital Group provided $48 million for 64 Wooster St., a 1900-vintage building in Soho that’s both a boutique-style office and heavily transit-oriented.
Last month, a nearly 70,000-square-foot lease by WeWork at 880 Third Ave. brought that boutique building to full occupancy. WeWork’s lease covers space on seven floors, as well as two 12th-floor outdoor terraces.
In December, co-working company Spaces took 103,000 square feet, or seven full floors, at The Lofts at Manhattan West, located at 434 W. 33rd St. The 202,000-square-foot boutique building is part of Brookfield Property Partners’ eight-acre, six-building Manhattan West mixed-use development.
Image courtesy of Binyan Studios