Manhattan’s $350M Textile Building Makeover Revealed
- Apr 20, 2021
A joint venture including Tribeca Investment Group, PGIM Real Estate and Meadow Partners has revealed new renderings of their upcoming, $350 million overhaul of the Textile Building in Manhattan’s Midtown South.
The reimagined workspace, with 44,000-square-foot floorplates and 12- to 18-foot ceiling heights, caters to new, pandemic-influenced office design standards. STUDIOS Architecture designed the project, which calls for the addition of a two-story, 34,000-square-foot penthouse atop the existing structure.
The ownership trio purchased the full-block asset back in 2019 for $375 million from Manhattan Properties through a 99-year ground lease agreement, according to CommercialEdge. The 700,000-square-foot, 16-story building at 295 Fifth Ave. dates back to 1920 and is situated between Madison Square Park, Penn Station and Grand Central.
With most of New York City’s office space still empty and leasing activity depressed to record lows, many landlords have moved forward with repositioning dated assets. In March, The U.S. General Services Administration selected Krueck Sexton Partners to lead the redesign of the Silvio J. Mollo Federal Building in Lower Manhattan. The $240 million reboot of the 160,000-square-foot property, slated to begin in 2023, will target LEED Gold certification.
A new, green outfit
The redevelopment of the Textile Building will add a number of green elements, including a range of outdoor spaces, from multiple terraces to a first-floor courtyard. The structure’s interior will follow a flexible scheme, with integrated greenery throughout work areas. Studio MAI was involved in the ground-floor lobby redesign which includes a café, a library and access to a rear courtyard. The century-old brick structure will also receive upgrades to its elevators, windows and HVAC system.
The developers tapped CBRE to handle marketing efforts for the entire building. The team includes Peter Turchin, David Hollander, Brett Shannon and Liz Lash. The Textile Building is expected to be ready for tenant fit-out in the first quarter of next year, with occupancy slated for the third quarter of 2022.