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New York City's western edge is getting even more office space, with Tishman Speyer landing a deal to build a brand-new development in the 10-story Morgan North Postal Facility.
The company announced Wednesday it has reached a 99-year lease deal with the United States Postal Service to redevelop the upper floors of the facility in West Chelsea into 630K SF of offices.
The space will be designed for the wave of creative and tech firms expanding in the city. Tishman Speyer says it will feature Manhattan’s largest private roof deck, which will overlook the High Line elevated park that has helped turn Chelsea into one of New York's most popular locations for apartments, hotels and offices.
“With its West Chelsea location on the High Line and just steps from the Meatpacking District, Morgan North resides at the crossroads of Manhattan’s most vibrant and dynamic neighborhoods,” Tishman Speyer President and CEO Rob Speyer said in a statement. “Just as importantly, this authentic New York City building, with its limestone and brick facade, high ceilings, massive open floors and countless outdoor amenity options, is ideally suited for today’s creative, tech-oriented workforce.”
The art deco building spans an entire block at Ninth to Tenth Avenue and 29th to 30th streets, and the USPS will continue to run a post office in the lower part of the building. Tishman is also creating more than 5K SF of retail along Ninth Avenue.
Tishman will be paying $19M annually and ask tenants to pay $100 per SF, the New York Post reported, citing sources.
Once complete, the building will feature floor plates between 48K SF and 200K SF, and the seventh floor will open onto a 2.5-acre rooftop. Ceilings will be up to 17 feet high. The construction is slated to begin next year and wrap in mid-2022.
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The building is the latest in the works reshaping Manhattan's West Side, where major new office developments have been coming to fruition over the last few years.
Tishman itself is developing a supertall at 66 Hudson Blvd., known as the Spiral, where Pfizer has agreed to lease 800K SF, near Related and Oxford Properties Group’s Hudson Yards megaproject.
Brookfield’s Manhattan West project, which is one block from Tishman’s new Morgan North development, has inked deals with Skadden Arps, Accenture and the National Hockey League. SL Green is redeveloping 460 West 34th St., Cove Property Group is creating a new office building at 441 Ninth Ave. and Vornado and Related are building new offices on top of the Farley Post Office building, which is connected via underground tunnel to Morgan North.
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