Furnished Plug & Play Sublease on the West Side
450 West 15th Street, in the Meatpacking District of Manhattan, is a 281,000 square foot 8 story office property neighboring the Highline and Chelsea Market. Jamestown Properties acquired the building, also known as The Milk Building, in January 2013. They purchased the asset for $295 million from Stellar Management, who purchased it in 2008 for $161 million. This is a perfect example of the demand for office product in Chelsea and Meatpacking as more and more companies shift their headquarters south and west. One of the largest office tenants in the building, Giorgio Armani, has just put a portion of the 4th floor on the market for sublease.
The partial 4th-floor unit measures 7,000 square feet and is available for possession on an immediate basis. The workspace is currently constructed with 4 offices, a large conference room, a breakout room, and open area for 38 employees (see the floor plan here). The spaces shows extremely well and features concrete floors, exposed ceilings and beautiful views of the Hudson River and New Jersey. One of the unique features about this sublease is that the term is very flexible as long as the subtenant would commit to a minimum of 2 years allowing one to scale their business appropriately. This is a fully furnished plug and play opportunity limiting the up-front capital expenses.
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