Columbia Property Trust Brings Manhattan Office Asset to Full Occupancy
- Mar 11, 2019
Owner and operator of golf-related leisure and entertainment businesses Drive Shack has signed a 13,400-square-foot lease at 218 W. 18th St. This brings the 165,586-square-foot building in New York’s Chelsea submarket to 100 percent occupancy. Columbia Property Trust acquired the asset in 2017 as part of a three-property portfolio for $514 million from New York REIT, per Yardi Matrix information.
Constructed in 1912 as a warehouse, the asset underwent renovations in 2012, when it was transformed into a Class A office building including two stories of retail. The building’s tenant roster includes names such as Red Bull, SAE Institute, The Corcoran Group and Method Studios, according to Yardi Matrix data.
“Chelsea continues to be a preferred destination for the world’s top tech, media and creative companies, and 218 W. 18th St. is located at its core,” said Dave Cheikin, senior vice president of strategic real estate initiatives at Columbia Property Trust, in prepared remarks.
Last November, Columbia Property Trust signed a five-year lease extension with Twitter for their New York headquarters at 249 W. 17th St., an office building located on the same block as 218 W. 18th St.
Image courtesy of Yardi Matrix