Former Ring Portfolio Property Now Leasing
Gus Delaporte June 3, 2014, 7:30 a.m.
Space at The Kaufman Organization’s 119-125 West 24th Street, formerly part of the Ring portfolio, is now available for lease, Commercial Observer has learned. Average asking rent for space in the vacant 12-story building is $67 per square foot.
For tenants occupying 40,000 square feet or more, the landlord will offer naming rights, complete with a separate lobby. A former freight elevator lobby has been converted into a second lobby for that purpose.
“Any tenant that requires exclusivity and the creation of a building-within-a-building environment is a prime target for this building,” said Grant Greenspan, a principal at The Kaufman Organization, who is leading the leasing effort. Potential tenants could include tech companies, start-up incubators and medical research users, he added.
An extensive renovation is planned for the property, including upgrades to the building’s systems, lobby and elevators. Should a tenant sign a lease in the short-term, The Kaufman Organization could deliver a construction-ready shell by September, with tenants taking occupancy early next year.
The Kaufman Organization plans to execute similar renovation plans at 19 West 24th Street, 13 West 27th Street and 45 West 27th Street, all former Ring Portfolio properties. Each property, including 119-125 West 24th Street, was acquired from Extell Development via a 99-year net-lease.
In addition to the building’s office space, the landlord is creating an 8,502-square-foot ground floor retail space at the property. The space is being billed as ideal for a restaurant or could be used by the building’s largest tenant if they have a retail requirement. Asking rent for the retail unit will be approximately $115 per square foot.