JLL has completed a new transaction for Winter Properties LLC with WeWork Companies Inc. at 57 East 11th Street. The global network of workspaces signed for the entire Class A, 61,375-square-foot boutique office building located in the heart of Manhattan’s Greenwich Village.
The building owner was represented by Alexander Chudnoff, vice chairman; Jonathan Fanuzzi, executive vice president; and Kip Orban, associate, all with JLL, along with Jay Stark, COO, and Scott Milsom, director of development and operations, at Winter Properties. WeWork was represented by Bruce Mosler, chairman of global brokerage, and Ethan Silverstein, vice chairman, with Cushman & Wakefield Inc.
“The combination of the location, the boutique nature of the building and the renovations completed by Winter Properties created a great deal of interest in this asset,” said Chudnoff. “We saw so much demand from tenants looking for anything from a single floor to the entire building that we could have leased 57 East 11th Street several times over. The strong interest allowed us to achieve a maximum result for ownership.”
WeWork inked a 15-year lease for 61,375 square feet of office space and will occupy the ground floor through the 11th floor at 57 East 11th Street, which is located between Broadway and University Place in Greenwich Village.
Winter Properties, a related business of Standard Industries, is a vertically integrated real estate investment management and development firm, launched the redevelopment of 57 East 11th Street in 2017, tapping JLL to serve as exclusive leasing agent for the building. The 61,375-square-foot redeveloped property features state-of-the-art office and retail space.
“Winter Properties was truly forward-thinking in its redevelopment of 57 East 11th Street, unlocking a great deal of unrealized value in the asset,” said Fanuzzi. “The building owner put a tremendous amount of work into transforming this 1900s vintage property into one of the most desired boutique office buildings in Midtown South.”
Constructed in 1903, the 11-story boutique office property is located on a tree-lined street between University Place and Broadway in the heart of Greenwich Village. The first-class design team, led by Morris Adjmi Architects, completed major renovations that include a new lobby and storefront, windows, restrooms, building infrastructure, new elevators and spectacular roof top terrace.
The office floors feature high ceilings and bright, open floors plans with opportunities for enclosed perimeter offices and central open kitchen and pantries.
The office building is centrally located among outstanding neighborhood amenities, including restaurants like ABC Kitchen, Union Square Café, Casa Apicii, Corkbuzz, Gotham Grill, Blue Water Grill, Il Cantinori and Strip House; and fitness clubs such as Soul Cycle, Crunch, NY Health and Racquet Club, Pure Barre and Y7 Yoga Studio. It is also close to premier residential developments such as 21 East 12th Street.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2017, the New York tri-state team completed approximately 40.9 million square feet of lease transactions; arranged investment sales, notes, debt and equity transactions valued at more than $1.6 billion; managed projects valued at $7.9 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 147.8 million square feet.
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