JLL Teams Up with Related, LargaVista to Lease New SoHo Mixed-Use Project
- May 18, 2016
New York—Demolition has begun to clear the way for construction of 300 Lafayette St., the first new Class A office building in Manhattan’s SoHo neighborhood in more than 100 years. The 80,000-square-foot mixed-use building will also have 30,000 square feet of flagship retail space on the first two floors.
Related Cos., co-developer of the $20 billion, mixed-use Hudson Yards project on the Far West Side, and LargaVista Cos. are building the seven-story boutique asset together on the site of a former gas station. The fully capitalized project, which boasts 300 feet of frontage on Crosby, Lafayette and East Houston streets, is slated to cost $200 million and be completed in 2018. The Wall Street Journal reported the developers received $88 million in construction financing from Deutsche Bank.
The building will have 10,200 square feet of lower level retail space and 8,900 square feet of ground-floor retail. The office space, which will have a separate lobby, will total nearly 50,000 square feet.
“We have had tremendous success developing market-leading office space throughout Manhattan, most recently at Hudson Yards, Jeff Blau, Related Cos. CEO, said in a prepared statement. “It has been more than a century since anyone has undertaken the development of a new ground-up office building in SoHo. The neighborhood is ripe for a new generation of office and retail space that puts green space and sustainability at the forefront of the design, and we have already received a great amount of interest from interested tenants.”
Designed by Rick Cook, partner with COOKFOX Architects, the building has at least 2,300 square feet of usable outdoor space on each office floor. Terraces will be landscaped with native species and are an important part of the overall design of the building that features floor-to-ceiling glazing set in terra cotta and limestone frames. The development will have a total of 12,025 square feet, about 25 percent of the total space, of usable outdoor space. Other design features of the building that is aiming for LEED Silver certification include indoor/outdoor fireplaces in the office suites and glass walls between the outdoor and office spaces that can be folded open.
“We designed a building that would connect people with nature in a tangible way to create the healthiest, high-performance workplace in SoHo,” Cook stated. “The office spaces have been designed to allow as much daylight as possible and direct access to green terraces with native plantings on every floor.”
Noting its location at a primary gateway to SoHo and its design, LargaVista CEO Marcello Porcelli called 300 Lafayette St. a “stunning addition to the neighborhood.”
No tenants have been announced but the developers have chosen JLL to serve as the exclusive leasing agent for the office and retail space. The team handling the office leasing will be led by Peter Riguardi, chairman of the New York region, and Clark Finney, senior vice president. They will be assisted by David Kleiner and Steven Rotter, both managing directors, and Benjamin Bass, vice president. Patrick Smith, vice chairman of retail brokerage in New York, will oversee the team handling the retail leasing. Both groups will work closely with Avi Kollenscher, Related senior vice president, and Adam Good, COO of LargaVista.
“There is no other office building in Manhattan that was designed from the outset to promote a healthy lifestyle and a strong connection to the outdoors,” Riguardi said in a prepared statement. “Not only will 300 Lafayette St. offer the highest-quality office space, the glass-enclosed building boasts expansive views of SoHo and easy access to the wealth of restaurants, retail, transportation and cultural events the neighborhood is famous for.”
Rendering courtesy of Mark Faris (Shea Communications)