Garment District Office Tower Close to Full Occupancy
- Apr 27, 2017
Manhattan’s Garment District swarms with creative tenants and Adler Group’s 550 Seventh Ave. is one of the buildings that pops in mind when it comes to innovative showrooms. Kaufman Organization’s Vice President of Leasing Sam Stein and Partner Michael Heaner represented the owner in a 12,015-square-foot, 10-year lease. The tenant, international textile manufacturer Shanghai Shenda, was represented by Adams & Co.’s David Levy and Jeff Buslick. The firm plans to occupy the entire 15th floor, leaving the asset with the last office vacancy, after TheaterMania and InVision Communications signed two separate similar deals just last year, paying roughly $60 per-square-foot.
“The Adler Group committed to a strategic repositioning campaign, one that showcased the building’s history as a premier fashion destination, but also rebranded the property to attract firms that crave social spaces conducive to creativity and innovation,” Heaner said in prepared remarks. “To that end, we have been successful in securing leases with traditional fashion houses, like a Shanghai Shenda, and with the creative ‘TAMI’ firms exploring larger offices spaces north of Midtown South.”
Built in 1924 by current owner Adler Group, the Art Deco office tower features limestone, terracotta and a recently renovated brick façade, Yardi Matrix data shows. The 225,981-square-foot building features floor plates ranging from 6,840 to 11,695 square feet and it includes 11,000 square feet of ground-level retail space. Besides spacious and naturally lit floors, a new lobby with a 24/7 attendant and all-glass offices, the 25-story construction offers key-cards for after-hour access and on-site management. Situated within walking distance of restaurants, hotels, gyms, banks, retailers, bars and theaters, it provides tenants easy access to several transportation hubs, including Penn Station, Port Authority, PATH train and eight subway lines.
Image courtesy of Adler Group