KPG’s Recently Developed Office Building at 132 West 14th Hits the Market Around $50M

KPG Funds has put its newly completed office building at 132 West 14th Street, called Le Gallerie, on the market, Commercial Observer has learned.

The seven-story Greenwich Village building between Avenue of the Americas and Seventh Avenue is for sale for approximately $50 million, according to a source with knowledge of the deal.

“Le Gallerie is a rare offering in a highly coveted submarket with an extremely limited supply of newly developed seven-star quality office space,” JLL (JLL)’s Jonathan Hageman, who is marketing the property along with Vickram Jambu, said in a statement. “KPG Funds has delivered the very best product of its kind in the market. As the city’s leasing market continues to outperform expectations, we anticipate a great deal of interest in this property.”

KPG took over the 62,000-square-foot property in July 2021 when it signed a 99-year ground lease with the Salvation Army to convert the aging office building into Class A space, The Real Deal previously reported. The development wrapped up last year, and KPG was originally seeking asking rents of around $70 per square foot for the office space, according to New York YIMBY and TRD.

Now, JLL is looking for an investor to purchase the building, or perhaps a single tenant, trying to capitalize on the trend of companies buying their own offices. The property comes equipped with “smart technology, bespoke amenities and striking design elements,” according to Rod Kritsberg, co-founder of KPG.

Those amenities include two floors of office spaces, residential-style kitchens, conference rooms and a multi-tiered rooftop deck with lounges and barbecue areas, KPG said. The building’s lobby will also serve as an art gallery and feature work by artist Julian Opie, according to the landlord.

“Le Gallerie is not just an office building — it is a bold statement of innovation, luxury and architectural brilliance,” Gregory Kraut, another co-founder of KPG, said in a statement. “As one of the crown jewels in KPG Funds’ portfolio, this extraordinary property sets a new standard for boutique Class A office space.”

The news comes soon after KPG’s opening of The Crosby, its boutique SoHo office building at 40 Crosby Street, where the firm scored a $50 million construction loan in June 2023, as CO previously reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.