The Moinian Group Breaks Ground on Hudson Arts Building, Marking One of Manhattan’s First Spec Office Construction Projects Since Pandemic
Taking a leadership position in fostering a return to the office and as an act of continued confidence in New York City’s economic rebound, The Moinian Group announced today that it is set to begin construction on The Hudson Arts Building, one of the first ground-up spec office developments to rise in the city since the onset of the pandemic.
The ten-story, 200,000-square-foot, state-of-the-art office building at 220 11th Avenue will rise in Chelsea, which is becoming one of the most dynamic NYC neighborhoods, with a cornucopia of new construction, retail and residential offerings, and cultural venues.
Market demand for boutique, high-end office space is so intense, in fact, that The Moinian Group is listing the penthouse floor—which includes ceiling heights up to 17 feet, multiple exclusive oversized terraces, and direct roofdeck access—at $200 per square foot, the highest listed asking price in Chelsea’s history.
Slated to rise up to 145 feet across the street from the Hudson River, with most of the views looking over it, the Hudson Arts Building will exceed the needs of the modern office tenant. The property will include open, column-free floor plates, and a dedicated first-class bicycle room and shower area.
The new project will also provide tenants with 15,250 square feet of outdoor space, including direct access to a 12,400-sf roof-terrace space—one of Manhattan’s largest newly built rooftop spaces—spanning the block from West 25th to West 26th Street. Tenants will be able to enjoy a lounge area, fitness and wellness area, dog park, and food and beverage options.
Designed by Studios Architecture, an international design practice focused on enhancing the human experience, the Hudson Arts Building will commence construction February 2022, with tenant possession for build-out beginning Q1 2024. Ownership has also developed a private state-of-the-art virtual tour for the property’s signature elements, showcasing the benefits and elegance of the new construction.
Peter Riguardi, President of the New York Region at JLL, alongside colleagues Cynthia Wasserberger, Frank Doyle, and Michael Pallas, in coordination with The Moinian Group’s head of commercial leasing Ted Koltis, are leading The Hudson Arts Building leasing efforts. The development will also include a full block, ground-floor and below-grade retail space with high ceilings attracting the likes of the world’s most renowned art galleries.
“New York is the greatest city in the world, and with companies reinvesting into their people and built environments, we are going to deliver premiere, trophy-quality office space in a dynamic neighborhood tenants will love, at a level not typically achieved in Midtown South or West Chelsea,” says The Moinian Group Principal Mitchell Moinian.
Wasserberger adds that office tenants at the top of the market are more discerning about their space, requiring the attention to detail and service that is more difficult to find in a high-rise office tower.
“This tenant group has an affinity for boutique properties where they can have more control over the design, layout, and management of their space,” she says, noting that the Hudson Arts Building will be a clear stand-out in Chelsea, which does not currently offer a comparable office destination. “For tenants looking to reap the benefits of new construction in an authentic and interesting neighborhood, the Hudson Arts Building is an ideal choice.”
Known for its live/work/play environment prior to the pandemic, West Chelsea is undergoing another renaissance. Also underway is the kick-off of Terminal Stores, which recently obtained a $1.25 billion debt package to redevelop the historic retail and warehouse property; renewed construction of the $900 million XI condo project near the Highline; redevelopment of the Chelsea Factory arts and community center; and Marcus Samuelsson’s new full-block restaurant at the base of the Starrett Lehigh building, among others.
Koltis further notes that the need for new Class A office space is more nuanced than simply adding to the city’s inventory, given the combination of the flight-to-quality over the last two years and the workplace renaissance.
“Developers will be required to produce new spaces and experiences that exceed what has come before in order to meet the needs and demands of those tenants who have and will continue to seek out the highest quality space in Manhattan to attract and retain talent,” he says. “Through a combination of design, location, and amenities, The Hudson Arts Building is our commitment to setting a new bar for excellence.”
Also ideally situated at the cross-section of the Meatpacking District, the Highline, the Hudson Yards District, and the local arts district, the Hudson Arts Building will be serviced by the C and E trains as well as the new 7 train and NYC ferry, located in the Hudson Yards District.
Construction of 220 11th Avenue continues The Moinian Group’s significant investment and presence along the Far West Side. Known as The Moinian Mile, the developer owns more than 4 million square feet of real estate on 11th Avenue alone. Those properties include residential—The Oskar at 572 11th Avenue and Sky at 605 West 42nd Street, the largest luxury residential property in Manhattan—and commercial properties including The Hudson Arts Building and 3 Hudson Boulevard, a 1.9-million-square-foot office tower set to rise in the heart of the Hudson Yards District with JV partner Boston Properties.
About The Moinian Group
Founded by Joseph Moinian, The Moinian Group today owns and operates a diversified portfolio of assets across the United States and is among the only national real estate entities to develop, own and operate properties across every asset category, including office, hotel, retail, condos and rental apartments. The Moinian Group's holdings include high-profile assets in America's leading cities, including New York, Dallas and Los Angeles. For the past three decades, The Moinian Group has been a pioneer in the development of emerging areas of New York City such as Downtown and West Side of Manhattan, developing commercial, residential and mixed-use projects that combine luxury living, modern office space and high-quality retail. The Moinian Group maintains a reputation for developing state-of-the-art, aesthetically distinguished properties as the firm continues to strive for excellence. More information on the Moinian Group and its portfolio can be found at www.moinian.com.
Source: Business Wire
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