NKF’s Billy Cohen & Team Bring Pharmaceutical Tech Incubator To 6,400sf Pre-Built 11th floor Space in Newly Repositioned Loft-Office Building
The first lease for a full-floor pre-built space at 251 West 30th has been signed by 4Catalyzer, a “start-up accelerator” for pharmaceutical and medical technology companies whose founder Dr. Jonathan Rothberg was the recipient of the 2013 National Medal of Technology & Innovation. The approximately 6,400-square-foot, 11th floor space is the first of three pre-built offices to be leased at the building since it was acquired last year by a partnership comprising Herald Square Properties (“HSP”) and Marciano Investment Group (“MIG”). Designed by NELSON, it has an open floor plan, glass-walled perimeter offices, refinished concrete floors, exposed ceiling, contemporary California kitchen, and a private, fully-finished south-facing terrace. The Newmark Knight Frank office leasing/investment sales team of Billy Cohen, Andrew Weisz, J.D. Cohen and Evan Foley represented both landlord and the tenant.
“Our building is a great choice for a company of this caliber because of the quality of the renovations and its unparalleled location,” points out Gerard Nocera, a founding principal of Herald Square Properties. “It especially bodes well that the lease was signed within a week of completing the first of the pre-built spaces.”
Adds Mr. Cohen, “We have worked closely with HSP in the positioning and development of a first-class property that will meet the needs of modern businesses, such as TAMI companies. Also to our advantage, the building is situated in one of the city’s fastest growing submarkets.”
Located on a rapidly transitioning block, 251 West 30th Street is less than two blocks from Hudson Yards, a block from Penn Station, and literally down the street from an entrance to the High Line. The 16-story, 114,000-square-foot, mid-block building has undergone institutional-quality improvements throughout the interiors and has already achieved an official Wired Certification for connectivity, reflective of the JV team’s long-term commitment.
Among the comprehensive interior systems and infrastructure upgrades have been the installation of ductless air conditioning/heating systems on each floor, Class E fire alarm systems, and a super-efficient center-core bus duct electrical system. The lobby, hallways and common areas have been completely modernized, as have the new ADA-compliant bathrooms. The elevator cabs are also renovated, and one of the two freight elevators has been redesigned for tenant use and enhanced service. Planned tenant amenities currently include a lounge area, conference area, secure bike storage room, and key card access.
The other two pre-built offices are a 7,500-square-foot full-floor space on the sixth floor; and a 2,800-square-foot space on the 12th floor. In addition, several of the offices feature private terraces with largely unobstructed views. The building’s favorable location and unusual height, which exceeds most of the neighboring structures, also provides the interior spaces with natural light and air from three sides.
The acquisition of 251 West 30th Street in May 2016 represents the fourth commercial prewar building restored and repositioned by Herald Square Properties. Other properties the team has purchased and repositioned include 1372 Broadway, 142 West 36th Street and 234 West 39th Street. In its capacity as asset managers, Herald Square Properties was also responsible for the revitalization of 183 Madison Avenue and 292 Madison Avenue.
About Herald Square Properties
Founded in 2009, Herald Square Properties is a New York-based owner/operator of commercial assets with a portfolio comprising nearly 1 million square feet. Herald Square Properties brings a wealth of experience to the successful renovation, repositioning and re-branding of commercial property assets throughout Manhattan. Among the signature assets for which it is responsible are the Lipstick Building and 292 Madison Avenue.