The Plan

Check Out American Realty Capital’s 218 West 18th Street

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Earlier this year, American Realty Capital acquired the 165,000-square-foot office building at 218 West 18th Street in Chelsea from the Atlas Capital Group and GreenOak Real Estate. Rather than appoint a new leasing agent at the building, new ownership retained the CBRE team led by Gregg Rothkin to lease up the vacant space in the building, which received a thorough renovation under previous ownership, including a new lobby and complete HVAC system.

Having inked deals for Red Bull, Yammer and SAE Institute at the space, the CBRE team now has two full-floors to market to potential tenants. The 13,504-square-foot sixth floor has been built out with the creative Midtown South tenant niche in mind and will offer a glimpse of what tenancy at 218 West 18th Street can look like.

“A prebuild in Midtown South is different than a prebuild in Midtown,” Mr. Rothkin told The Commercial Observer. “These are more creative tenants, and we responded to feedback we got and what we have seen from the build-out of other tenants.”

Last week, Mr. Rothkin discussed the build-out.

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Assignments

CBRE Named Exclusive Agent for 218 West 18th Street

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American Realty Capital New York Recovery REIT has selected CBRE as the exclusive leasing and managing agent for 218 West 18th Street, it was announced today. Gregg Rothkin and Ben Fastenberg of CBRE will continue to market the property.

The building boasts availability on the second and sixth floors, both measuring 13,500 square feet, according to a statement. Ownership is planning to undertake a pre-build of the sixth floor. Read More

Lease Beat

SAE Institute Leases 27,000 Square Feet At Surging 218 West 18th Street

218 West 18th Street (Photo Courtesy of Atlas Capital)

SAE Institute (f.k.a. the School of Audio Engineering) signed for a 10-year relocation and expansion that will bring it from 1293 Broadway to 27,000 square feet at 218 West 18th Street in Chelsea, The Commercial Observer has learned.

CBRE‘s Stephen Siegel, Gregg Rothkin and Peter Turchin, along with Zak Snider and Ben Fastenberg  represented the landlord, Atlas Capital Group and GreenOak Real Estate. A team from Realty Insight Group and Zimmer Real Estate Services led by RIG President Neil Schoor represented the tenant. Read More