CBRE has arranged a 42,000 s/f lease for one of the world’s most recognizable brands, Red Bull, at 218 West 18th Street.
Atlas Capital Group a real estate investment and management firm, and GreenOak Real Estate, purchased the redeveloped 166,000 s/f, 13-story Chelsea office building for $62.5 million in February after the previous owner, developer Harry Jeremias filed for bankruptcy.
Located on the south side of 18th Street, between Seventh and Eighth Avenues, the building is at the center of the bustling tech scene, within a few blocks of Google’s gargantuan offices at 111 Eighth Avenue.
Red Bull will use the high energy location as the US headquarters of the famed Red Bull Music Academy (RBMA) as well for corporate offices and a ground floor event/retail space.
Red Bull’s new lease includes floors 7 and 8 as well as ground floor and lower level space.
“Red Bull has found that 218 West 18th Street and the surrounding Chelsea neighborhood is the perfect, high energy location to house its music, cultural and business activities,” said CBRE’S Peter Turchin, who represented the building’s owners in this transaction.
Red Bull was represented by Michael Hull and Gere Ricker from MB Real Estate.
218 West 18th Street is a 165,000 s/f office building in the heart of Chelsea’s burgeoning technology and cultural district.
Owned by the Atlas Capital Group and GreenOak Real Estate, the building offers a newly renovated lobby, elevators and ADA bathrooms. 218 West 18th Street also has a new cooling tower, floor by floor DX HVAC units and upgraded electric systems.
In addition to Turchin, the CBRE agency team for 218 West 18th Street includes Steve Siegel, Gregg Rothkin, Ben Fastenberg and Zak Snider.