Former Home of American Stock Exchange Up for Lease
- Jan 26, 2018
A joint venture between GHC Development and Clarion Partners is opening up space at 123 Greenwich St. in Manhattan—the original home of the American Stock Exchange—the first time that space has been made available to lease in the building’s nearly century-long history.
The mixed-use space is being made available for retailers and other commercial users, including entertainment options.
“There’s a transformative renaissance in Lower Manhattan. It’s not just about quantity but it’s the flavor and the quality of the tenants in the area that makes it attractive,” Allan Fried, who heads up GHC Development, told Commercial Property Executive. “You have Conde Nash utilizing 1.3 million square feet, you have Spotify at 400,000 square feet, you have Groupon at 500,000 square feet, and all these tenants involved in fashion, media and technology.”
Whoever leases the space will be able to take advantage of the nearby World Trade Center complex and the city’s largest transportation hubs.
“What we offer is something unique; it’s two distinct floor plates of 25,000 square feet and they have 60-foot ceiling heights and they are column-free,” Fried said. “For a traditional tenant who wants a flagship or marquee location, it’s something that we can offer.”
Originally built in 1921, and designed by Starrett and Van Vleck, the building offers nearly 80,000 square feet of space spread out on three levels. The space includes two distinct 25,000-square-foot column-free floorplates, each with its own ground-floor identity and unique entrances that front both Greenwich Street and Trinity Place.
Fried and investment partner Michael Steinhard acquired the vacant, 182,000-square-foot Art Deco building (along with the adjacent 22 Thames St. development site) for $17 million in 2011. Clarion Partners acquired a majority stake in the American Stock Exchange Building in December of 2015 for $105 million.
“We bought the building a few years back, and we were a little early and ahead of the game,” Fried said. “I envisioned the World Trade Center would ultimately be built, but when we closed on our purchase One World Trade was still a dream and there were some doubts that it would be built. Now, there’s a realization of people actually being there with over 60,000 residents there morning, noon and night, so it’s not a quiet residence.”
Since acquiring the property, GHC Development has worked with the Landmarks Preservation Commission to transfer air rights to the development site, secure approvals for adaptive reuse, and grow the size and number of windows in the American Stock Exchange Building to make the property more appealing to possible retail tenants.
The company sold off the development site in 2012, which today is being built as 125 Greenwich St.
123 Greenwich St. is situated at the foot of the World Trade Center complex, between the two indoor malls located in the WTC Oculus and Brookfield Place.
“On a scale of 1-10, you are at a 10 in terms of the vibrancy you will see in this neighborhood,” Fried said. “There’s excitement when you walk on the street during lunch time or dinner time. It’s a desirable place to be.
According to Fried, the building is a unique high-street opportunity, affording retailers or entertainment users the ability to showcase their brand utilizing a full landmark building identity.
Over the last few months, before opening up the building for lease, GHC Development issued a short-term lease with LVMH to house its traveling international exhibition, “Volez, Voguez, Voyagez – Louis Vuitton,” which featured rooms with a two-story mast and sail, a full-size propeller plane model, a railway car and other travel-oriented sets. The exhibit hosted more than 300,000 unique visitors.
The retail leasing team of Dan Harroch, Matthew Seigel and Payal Doshi will serve as exclusive agents for the property.
Clarion Partners recently sold the Stony Brook Office Park, four interconnected office buildings in Waltham, Mass., for $80 million.
Image courtesy of GHC Development