- Last Updated: 4:39 AM, December 23, 2011
- Posted: 11:16 PM, December 20, 2011
BETWEEN THE BRICKS
The Milk Studios building in the Meatpacking District has a lot to — er — moo about.
Longtime tenant inVentiv Health has just renewed and expanded to 75,000 square feet, bringing the building at 450 West 15th St. to 100-percent occupancy.
The building owners are also relocating the ugly loading docks from what is turning into a luxury shopping district on West 14th Street to its West 15th Street side by capturing some land next door from the outgoing Mobil station, some of which will be redeveloped into retail by the Millers of Real Estate Equities.
Public documents show Milk Studios also reserved the right in the future to create a new deck by the High Line — at least 4 feet above the roof of the new retail stores that will be developed by the Millers.
As reported by eater.com, the coffee bar Blue Bottle is also moving into a new stop to the east of the 15th Street lobby. The company already has a concession stand on the High Line, and its new 800-square-foot spot at Milk Studios was negotiated by Karen Bellantoni of RKF.
According to Ryan Jackson of Stellar Management, which owns the Milk Studios building, the loading dock relocation will provide a contiguous 14th Street retail corridor.
“It’s a benefit for the neighborhood, and that was the genesis of the transaction,” said Stellar’s Jackson. “Now the fun really begins, in implementing and executing.”
The building’s pioneering tenant, inVentiv, moved to its more than 50,000-square-foot space on part of the sixth and the entire seventh floor about a decade ago. They will now expand into the last block of 21,000 square feet on part of the fourth floor.
“The space overlooks the High Line, which used to be grass and rust, and now they have the beautiful High Line Park,” added Jackson.
Paul Myers and Michael Movshovich of CBRE represented the tenant in the renewal and expansion deal. Michael Dreizen, Brian Waterman and Jimmy Kuhn of Newmark Knight Frank represented Stellar in the lease, which had an asking rent in the $60s per square foot — yes, you read that right — as desirability and lack of space in the area is seriously pushing rents.
As for the adjacent Mobil station, public documents revealed Real Estate Equities’ Michael Miller and son Brandon have finally closed on the $26,278,098 land lease of the site from Erez Shternlicht, who also owns Milk Studios.
We first reported on this ongoing transaction several years ago, which was arranged by Douglas Harmon of Eastdil Secured. Documents show the 48-year lease includes an option to buy in the first seven years.