Fifth Wall Relocating to Bigger Digs Within Meatpacking District
By Celia Young January 7, 2022 11:53 am
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Los Angeles-based venture capital firm Fifth Wall Ventures has snapped up 7,434 square feet for a new location on the entire fourth floor of 2 Ninth Avenue in the Meatpacking District, according to a source with knowledge of the deal. Asking rent was $95 per square foot for the five-year deal.
The company is relocating from a smaller office at 875 Washington — a coworking space from SoHo Works, the workspace offshoot of the exclusive hospitality brand SoHo House, according to the source.
Fifth Wall, which invests in real estate and property technology, closed on its new space at the end of 2021 and plans on moving into the six-story building in February or March. The company has financed flex-space firm Industrious and data company VTS with investors from some of the top real estate firms in the U.S. Fifth Wall grew significantly during the pandemic, forcing a need for a new office space.
The building, at the corner of Ninth Avenue and Little West 12th Street, is also home to Lucid Motors, which snagged its space last year along with another location in Miami. Also known as 1 Little West 12th Street, 2 Ninth Avenue was formerly home to the expensive French and Mediterranean restaurant Bagatelle, famous for heavy pours of champagne over brunch.
JLL (JLL)’s Brett Harvey represented the landlords, Aurora Capital and William Gottlieb Real Estate, according to property records. Both the property owners and Harvey did not immediately respond to requests for comment.
Current Real Estate Advisors’ Rob Kluge and Thomas Mahl represented Fifth Wall in the deal. The brokerage firm declined to comment on the deal.
Celia Young can be reached at cyoung@commercialobserver.com.
