Golf Entertainment Company Moving Headquarters Within Chelsea
By Nicholas Rizzi March 7, 2019 4:39 pm
reprints
The company behind a chain of interactive golf driving ranges, Drive Shack, inked a deal for the last remaining space inside Columbia Property Trust’s 218 West 18th Street, the landlord announced today.
Drive Shack signed a lease to move its headquarters to 13,400 square feet on the entire third floor of the 12-story, 165,586-square-foot building between Seventh and Eighth Avenues, Bisnow first reported. A spokeswoman for the landlord would not provide terms of the deal but CoStar (CSGP) Group data lists average asking rents in the building as $59 to $72 per square foot.
“218 West 18th Street continues to attract top-tier creative and lifestyle firms, who are drawn to its mix of warehouse architecture, high-touch tenant service, and the amenities of the Chelsea neighborhood,” David Cheikin, a senior vice president at Columbia Property Trust, said in a statement.
CBRE (CBRE)’s Paul Amrich, Neil King and Reeves Henritze brokered the deal for the landlord while colleagues Conor Denihan and William Iacovelli represented Drive Shack. A spokeswoman for CBRE declined to comment.
Drive Shack, which was founded in 2002, runs a growing chain of driving ranges that feature technology that tracks a person’s swing and play games. It won a bid to open a location at Randall’s Island Park last year, Forbes reported. Its current headquarters are at 111 West 19th Street between Avenue of the Americas and Seventh Avenue.
Columbia Property Trust bought the former warehouse at 218 West 18th Street in 2017 for $174.7 million, as Commercial Observer previously reported. Other tenants in the building include accounting firm EY, energy drink maker Red Bull and film production company Company 3.
