555 W. 18th St. Picture courtesy of CommercialEdge
Inter Energetic Corp. has paid $80 million for the land below 555 W. 18th St., its 211,312-square-foot headquarters constructing in Manhattan. Institutional Property Advisors’ Steven Siegel and Eric Michael Anton brokered the all-cash transaction.
In 2004, the Resnicoff household leased the land for 77 years to The Georgetown Co., as reported by The Actual Deal. Georgetown later developed the positioning because the headquarters for the media conglomerate.
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The Class A workplace constructing got here on-line in 2007. Frank Gehry served because the challenge’s foremost architect, Turner Development Co. as common contractor, DeSimone Consulting Engineers as structural engineer and STUDIOS Structure as decorator.
The 11-story constructing has a concrete strengthened development, metal body and glass façade, additionally together with energy-efficient options. Facilities embody greater than 20 convention rooms, a large foyer, out of doors terraces, spacious widespread areas on the ninth ground, managed entry and 70 underground parking areas.
The property is within the Chelsea neighborhood, on the northeast nook of Eleventh Avenue, in an space with a number of eating choices, retail facilities and leisure venues.
A robust workplace pipeline
Regardless of financial considerations, led to by the prospect of upper rates of interest and instability within the banking sector, Manhattan’s workplace market has seen fixed development exercise because the starting of the yr. In line with a latest CommercialEdge report, the borough had practically 9.3 million sq. toes of workplace area below development as of February, rating second after Boston, a metro with 13.5 million sq. toes within the pipeline.
Manhattan additionally ranked first in final yr’s high 10 markets for workplace deliveries. The market’s largest addition to the stock, a $3.8 billion challenge developed by Cos., Mitsui Fudosan America and Oxford Properties Group, got here on-line 1 mile north of IAC’s headquarters.
