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).
Lease of the Week
Giorgio Armani is getting a view over the High Line. The Italian fashion company has inked a lease for a 60,000-square-foot space at 450 West 15th Street in the Meatpacking District, sources familiar with the transaction confirmed to The Commercial Observer, and is due to move its headquarters and showroom to the space in October 2013.
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.