Newmark has signed a 17,585-square-foot, long-term lease for Red Bull at 15 Little West 12th St. on behalf of ownership. Red Bull will occupy the entire third floor of the Epic-owned property and will serve as the brand’s east coast headquarters, in the third quarter of this year. Newmark’s President of Tri-State David Falk and Executive Managing Directors Daniel Levine and Jason Greenstein represented Epic on the transaction. Cushman & Wakefield’s David Mainthow represented the tenant.
“This is the first time space has become available at the property since its construction (2009). The Meatpacking District is one of the more difficult markets to break into as it has one of the lowest vacancy rates in the city,” said Levine. “We are confident Red Bull will thrive in its new well-located boutique space as it offers an abundance of natural light due to exposures on both sides as well as direct access to the neighborhood amenities.”
According to Newmark Research, the availability rate in the Meatpacking District dropped for the third consecutive quarter to 4.8%, declining 211 basis points from last quarter and falling below its level at the beginning of 2020. Leasing accelerated throughout the year in the district, with 92% of the 2021’s 376,093 square feet of velocity completed in the second half.
15 Little West 12th St. is a five-story, 82,000-square-foot building located mid-block between Ninth Avenue and Washington Street. The property spans through the block between West 13th and Little West 12th Streets.
