Hedge Fund Engine No. 1 to Open Manhattan Office at 405 West 13th Street
Following a building redesign in 2020, 405 West 13th underwent a series of renovations, in which the landlord invested $20 million into turning the former pork warehouse into a 50,000-square-foot office building. The renovations added three floors and 15,000 square feet of glass commercial space.
Engine No. 1’s lease will take a sizable chunk of that office space, as well as an additional 1,800-square-foot outdoor terrace, The Real Deal reported.
The exact asking rent for Engine No. 1’s lease is unknown, though office rents in the building go for approximately $150 per square foot, as Commercial Observer previously reported. Retail asking rents go even higher, reaching the mid-$300s range.
In opening an office in the Meatpacking District, Engine No. 1 will expand beyond its San Francisco headquarters to further its mission of environmental management. Investor Chris James founded the company back in 2020, and has since run full speed ahead in campaigning for environmental advocacy.
Newmark’s David Falk and Nick Berger handled the deal for the landlord, while CBRE’s Silvio Petriello, Arkady Smolyansky and Jacob Rosenthal represented Engine No. 1.
Spokespeople for CBRE, Newmark and Engine No. 1 did not immediately respond to requests for comment.
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