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At least six developers are trying to cash in on a new trend: high-end boutique office properties under 200k SF.
The projects are cheap to build relative to monstrosities like 1 WTC or 30 Hudson Yards (both over 2.5M SF), and their size means they don’t need huge anchor tenants to hold them down.
More importantly, the ease of financing, the high demand and top-dollar rents (well above $100/SF) have developers licking their lips.
Developers Aurora Capital and Vornado have three new boutique digs between them; one together and two with separate partners (William Gottlieb Real Estate and the Albanese Group, respectively).
Additionally, boutique office buildings let high-roller tenants have a larger overall presence than they would have in a giant building.
The pool of boutique dwellers is expanding out from just private equity firms and hedge funds to creative industries like Delos Living.
(And yes—it's the same Delos Leonardo DiCaprio uses to build high-end wellness residences and/or private island resorts.) [Crain's]
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