André Balazs Properties, the hospitality company behind The Standard hotel brand and Los Angeles’ Chateau Marmont, has selected Savills Hospitality Group to represent them in identifying an investment partner to support domestic and international expansion, it was announced today.
“The Savills Hospitality team is excited to work with André Balazs Properties on such a significant and highly sought-after assignment,” said Justin Magazine, vice president at Savills, in a prepared statement. “Our boutique, high-end, international client-based advisory firm is strategically focused on mandates such as this.”
Thor Equities and ASB Real Estate Investments’ Allegiance Real Estate Fund have purchased 875 Washington Street in the Meatpacking District for $96.5 million.
The 60,000-square-foot, five-story building, between 13th and 14th Streets, features office and retail space and is located across the street from the High Line Park, a main driver in the neighborhood’s assent as one of the city’s most-travelled retail destinations.
“The Meatpacking District is the place to be in the fashion world, and as purveyors of high-end retail real estate, it is only fitting that we continue to expand our presence here,” said Joseph Sitt, CEO at Thor Equities, in a statement. “Situated among many of the world’s best nightlife, dining, and shopping outposts, 875 Washington is truly in the heart of the excitement and growth of Manhattan.”