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THE PLAN

218 West 18th Street

6TH FLOOR - 13,504 RSF PROPOSED LAYOUT

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Earlier this year, American Realty Capital acquired the 165,000-square-foot office building at 218 West 18th Street in Chelsea from the Atlas Capital Group and GreenOak Real Estate. Rather than appoint a new leasing agent at the building, new ownership retained the CBRE team led by Gregg Rothkin to lease up the vacant space in the building, which received a thorough renovation under previous ownership, including a new lobby and complete HVAC system. Having inked Red Bull, Yammer and SAE Institute in the space, the CBRE team now has two full-floors to market to potential tenants. The 13,504-square-foot sixth floor has been built out with the creative Midtown South tenant niche in mind and will offer a glimpse of what tenancy at 218 West 18th Street can look like. A prebuild in Midtown South is different than a prebuild in Midtown, Mr. Rothkin told The Commercial Observer. These are more creative tenants, and we responded to feedback we got and what we have seen from the build-out of other tenants. Last week, Mr. Rothkin discussed the build-out.

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The tenant has been given a reception area and two conference rooms of differing size. Outside of those defined spaces, the rest of the floor is left largely open, emphasizing the open-plan working environment favored by media and creative tenants. These tenants are all about density, Mr. Rothkin said. They want to get as many people as they can into the space. Though the build-out does not include perimeter office space, per feedback from potential tenants, it could be added, if necessary. This floor plate is very conducive, Mr. Rothkin said. If you wanted to build perimeter offices, there arent a lot of columns, Mr Rothkin is keen to point out how the building differentiates itself from others in the neighborhood, offering the Midtown South aesthetic with modern amenities. Midtown South stock is generally older buildings with older mechanicals, he said. 218 is kind of an anomaly down there with a new lobby, new bathrooms and an HVAC system. Conference rooms and the reception area have been built out, but new tenants will be responsible for their own cabling requirements and furniture. Were giving them a shell, Mr. Rothkin said. The buildings second floor, also available, has been left raw but can be built out in a similar fashion, if desired. We have not built out that space, because we have something to show on six, and we can do the same thing on two, Mr. Rothkin said.

WORK STATION RECEPTION CONFERENCE ROOM BREAK OUT MEETING AREA IT/SUPPORT ROOM

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OWNED BY:
American Realty Capital New York Recovery REIT

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MANAGED & LEASED BY:

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42|OCTOBER 22, 2013|COMMERCIAL OBSERVER