Real Estate Weekly
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New owner to bring West Side dinosaur into the 21st century

The Georgetown Company has tapped architect Rafael Viñoly to redesign the company’s recently-purchased 787 11th Avenue property into state of the art, creative office space.

The $100 million redevelopment will add a two-story penthouse and transform the historic building’s upper levels into modern offices with oversized floor plans while the lower floors will be renovated into flagship auto dealerships.
Located in the Far West Side, the building is directly across the street from Dewitt Clinton Park and one block from the Hudson River Park and West Side Highway.

Designed to meet the growing demand for upscale office space in the Clinton area, the redevelopment will add 86,000 s/f to the building that will be 10 floors, bringing total square footage to over 500,000 s/f. The property will feature large, open floorplates; 24 ft. high ceilings in certain areas; oversized windows; executive parking in the basement; a 12,000 s/f rooftop deck for the exclusive use of office tenants; and a partnership with the adjacent Mercedes Club, a health club across the street. Transportation options will include a shuttle service to transit hubs and a planned CitiBike station across the street.

“We’re excited to work with our partners and Rafael to create a truly unique property in the Clinton neighborhood,” said Adam Flatto, CEO of The Georgetown Company.

“With the Far West Side quickly emerging as the center of new activity in Manhattan, we see demand exploding for modern, creative office space.”

“Georgetown has a reputation for developing the very best properties so it’s an honor to join with them on this project,” said Viñoly, whose recent projects in New York include 432 Park Avenue and the Rockefeller University Campus Master Plan.

“The opportunity to combine the building’s historic architecture with a sleek and modern design is one I could not pass up.”

Late last year, BNF Automotive Group and Nissan North America signed long term leases for 265,000 s/f on the lower floors of the building for flagship dealerships, including state-of-the-art showrooms and service facilities for Jaguar, Land Rover Infiniti and Nissan.

Georgetown’s partners on the project include Bill Ackman and Main Street Advisors, Inc. (MSA), a Santa Monica-based boutique investment management and advisory firm MSA has invested with Georgetown in multiple projects in New York, Los Angeles and Ohio.

787 11th Avenue is The Georgetown Company’s latest development in New York City. Other recent projects include the development of the Frank Gehry designed IAC Building on West 18th Street.

Mary Ann Tighe and Evan Haskell of CBRE will lead the leasing effort for the renovated property.

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