Digital Asset Company Bakkt Takes 10K SF in Meatpacking District
Bakkt — which offers a platform to buy and trade cryptocurrency, rewards points and cash — snagged 10,435 square feet to open its first New York City offices at 412 West 15th Street in the Meatpacking District.
Bakkt’s new space, owned by real estate private equity firm Rockpoint Group, covers the entire fourth floor of the building between West 14th and West 15th streets, according to CBRE (CBRE)’s Arkady Smolyansky, who represented Bakkt along with his colleague, Jacob Rosenthal. The asking rent was $108 per square foot in the eight-year lease.
“They were really drawn to all the action in the Meatpacking District,” Smolyansky told Commercial Observer. “They were drawn to everything going on from Little Island, to all the retail [and] all the restaurants. .… Over the pandemic, we’ve seen Meatpacking really tighten up and have the lowest availability out of everything in Midtown South.”
The deal was about two years in the making, Smolyansky said. Georgia-based Bakkt first started searching for a New York office in 2020, but when the pandemic hit, the firm delayed its plans while its space needs continued to grow. The company closed on the new, pre-built space in the 255,000-square-foot office tower on Feb. 1.
Bakkt plans on occupying the space in three to four months, after adding a few private offices, Smolyansky said. The firm will join marketing and advertising network Project Worldwide and venue operator Live Nation at the property.
CBRE’s Paul Amrich, Neil King and James Ackerson represented Boston-based Rockpoint Group in the deal. Amrich, King and Ackerson were not immediately available for comment.
“The fact that the building is new construction, combined with the fact that they wanted to be in the Meatpacking District, which is one of the best performing micro-submarkests in New York right now … was attractive for 412,” said King.
Update: This story has been updated to include a comment from Neil King.
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