Lease of the Week

Re-inVenting the Meatpacking District

inVentiv Health, a multifaceted provider of services in the health care industry, has signed a 75,000-square-foot renewal and expansion for its subsidiary Chandler Chicco Agency at 450 West 15th Street.

The company, which handles public relations and advertising for health care companies, renewed its lease for the 300,000-square-foot building’s entire seventh floor and a portion of six. The firm will expand onto part of the building’s fourth floor, taking a little over 21,000 square feet.

450 west 15th street Re inVenting the Meatpacking District

450 West 15th Street. (Courtesy Property Shark)

The term of the lease is 15 years. Asking rents for the space were in the $60s per square foot although Chandler Chicco, as most tenants are typically able to do, likely talked down the space’s face rate during negotiations.

According to one of Chandler Chicco’s brokers, Mike Movshovich, who represented the company with his CBRE colleague Paul Myers, the firm had looked around the market for alternative locations but eventually became convinced that staying in place was its best option.

“Ultimately they were attracted to the creative feel of the building,” Mr. Movshovich said. “The building’s meatpacking location is continually improving. And they’re close by and have access to the High Line and views of the Hudson River. Plus on top of it, this location could accommodate them from the standpoint that they’re a growing company.”

Long a center of nightlife, shopping and dining, the meatpacking district has become an attractive destination for office tenants as well, as the deal with Chandler Chicco demonstrates. The advertising firm ZenithOptimedia, for instance, signed a 17,900-square-foot sublease deal at Chelsea Market in November. Earlier in the year, the new meatpacking office building 15 Little West 12th Street also attracted high-priced deals.