Descripción del activo
229 West 36th Street (the “Property”), a 150,894 rentable square foot, 12-story office building located in Midtown Manhattan at the convergence of high-growth submarkets including Hudson Yards, Chelsea, and the Penn District revitalization. Currently 86.2% leased, 51,544 rsf rolls within the first year bringing occupancy to 52.0% with 8.5 years of remaining average lease term, providing a new investor the opportunity to acquire an attractive in-place cash flow at a compelling basis with significant upside through lease-up and ability to partially convert to life science in the near term.
Atributos
Medios
Aspectos destacados de la inversión
COMPELLING VALUE ADD WITH UPSIDE POTENTIAL
+ Currently 86.2% leased, 51,544 rsf rolls within the first year bringing occupancy to 52.0% with 8.5 years of remaining average lease term, providing a new owner income security with ability to immediately grow NOI through lease-up
+ Ideal 12,600 rsf floorplates, double front entrances and elevator configuration enables a building-within-a-building structure
providing a competitive leasing advantage
+ Additional value creation from re-imagining and re-leasing the ground floor retail space
FLEXIBLE LIFE SCIENCES REPOSITIONING OPTIONALITY
+ Flexible M1-6 zoning and existing floor loads provide the optionality to partially convert the Property to life science as inplace tenancy rolls in the near term
+ Ability to capture premium rental rates as average life science rents in Manhattan exceed $100 psf on a net basis, driving NOI
and maximizing value
+ Existing tenancy provides durable in-place cash flow to cover repositioning costs with the ability to maintain a low investment basis and achieve outsized returns
+ Rapidly growing life science cluster anchored by tenants including IndiBio, Actinium Pharmaceuticals, Enzo clinical labs, and AccelBio
IDEALLY LOCATED AT THE CONVERGENCE OF TRANSPORTATION HUBS AND HIGH-GROWTH NYC SUBMARKETS
+ Transformative Midtown Manhattan location at the convergence of Hudson Yards, Chelsea, and the Penn District revitalization
+ Connected via proximate Penn Station and Moynihan Train Hall as Manhattan office demand congregates around regional transit (43% of all 2021 leases were within a 5-min walk from major hubs)
+ Positioned to benefit from the multi-billion dollar Penn Station and surrounding area redevelopment program
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