Re-inVenting the Meatpacking District
Jotham Sederstrom Jan. 3, 2012, 1 p.m.
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.
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.
“It’s just one of the coolest areas and people want to be there,” said Brian Waterman, an executive at the brokerage firm Newmark Knight Frank who, along with Newmark colleagues Michael Dreizen and Jimmy Kuhn, represented building landlord Stellar Management in the deal. “There is such a high demand for this kind of product in the neighborhood.”
Mr. Waterman said he knew he had a shot at retaining Chandler Chicco months ago when a tenant decided to vacate the building.
“Space opened up that I could market to them, which was great because I knew they were interested in expanding,” Mr. Waterman said.
The building is now fully leased.
About a block from where the popular High Line elevated park begins, 450 West 15th Street sits between Ninth and 10th avenues. The building is also only blocks from Chelsea Market, a property that is considered a destination in the area for shopping and food.
The property’s most prominent tenant is Milk Studios, a well-known high-end photography and post-production studio. Other tenants include the Italian shoemaker Tod’s, the English fashion goods maker Mulberry, the fashion company Jeffrey and the art auctioneer Philips De Pury.
“Many of our tenants, including inVentiv, pioneered this neighborhood and we were excited that they decided to renew and expand at the building and remain a part of this vibrant, budding community,” Ryan Jackson, an executive at Stellar Management, said in a statement issued by the firm.
“Meatpacking isn’t just a trend—it’s a mainstay,” added Mr. Jackson. “It’s quintessential New York.”