Jamestown Properties has purchased the Milk Studios building at 450 West 15th Street from Stellar Management for more than $284 million, city records show.
The 325,000-square-foot, eight-story office building, home to photography studio Milk Studios and an eclectic mix of tech, fashion and creative tenants, borders the High Line.
It’s a symbolic and strategic move for Jamestown, which owns the Chelsea Market across the street and looks to expand its footprint in the heavily-traveled Meatpacking District.
Ironically, city records show that Stellar provided a $150 million loan to Jamestown, which suggests that the move was perhaps more than a kind gesture, but also a play to complete the deal before the end of 2012, as imminent capital gains taxes loomed (the city record was filed on Friday, but shows the deed was finalized December 21).
It was a transaction literally a decade in the making. Earlier this year, a deal between Jamestown Properties and Andy Sung, proprietor of the Korean barbecue restaurant Gaonnuri, came to fruition on the top floor of 1250 Broadway.
Once an otherwise abandoned mechanical room under the ownership of SL Green
, the 39th floor space in a building near the edge of Manhattan’s Koreatown was widely coveted by not only Mr. Sung, but also other restaurateurs who saw the space as ideal for an eatery with a view. When Jamestown Properties acquired the building in a venture with Murray Hill Properties
, Mr. Sung reiterated his case for leasing the room, although as chief operating officer Michael Phillips insists, he didn’t have to work hard to convince anyone.
“We believe that creating the best sense of place and community is what drives tenant retention,” said Mr. Phillips. “There isn’t one size that fits all, and I think being able to make the most of the assets that you have is what makes for good real estate.”
After the jump, Mr. Phillips reviews the floor plans for 1250Broadway’s 39th floor with The Commercial Observer
and explained what drew Gaonnuri to the building.
Cushman & Wakefield has been tapped as the exclusive leasing agents for 1250 Broadway, a 773,887-square-foot, Class A office building that is jointly owned by Jamestown Properties and Murray Hill Properties, The Commercial Observer has learned.
A leasing team headed by Mitch Arkin, Peter Alden and Michael Blanchard will be joined by Courtney Adham and Lauren Hayes from Cushman & Wakefield’s Strategic Agency Services Group.
Park Urologic Associates will be moving to a space in 461 Park Avenue South.
The firm will be taking 2,800 square feet out of the 54,000 square feet in the building. The asking rent was $40 per square foot and the lease term was set for four years.
Randy Sherman of Murray Hill Properties represented Read More