March 23, 2022 10:00 AM
Newmark announces the firm has signed a 17,585-square-foot long-term lease for Red Bull at 15 Little West 12th Street 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 tracking to open 3Q 2022. Newmark’s President of Tri-State David Falk and Executive Managing Directors Daniel Levine and Jason Greenstein represented EPIC on the transaction.
“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 their 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 Street 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 Street. The boutique office building offers high-end loft-like office spaces with ceiling heights ranging from 12 to 18 feet. Large industrial-style windows offer views of the Hudson River, Meatpacking District, the High Line, Downtown and Midtown. The property’s high-quality construction coupled with the cultural and commercial appeal of the Meatpacking District makes it one of the most in-demand assets in the area. 15 Little West 12th Street has two floors remaining for lease. The available spaces include 16,845 square feet on the 4th floor with a private terrace and 13,335 square feet of space on the fifth floor with two private terraces and skylights.
Cushman & Wakefield’s David Mainthow represented the tenant.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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