295 Fifth Avenue Completes 34,000 SF Penthouse Addition

Tribeca Investment Group (TIG), PGIM Real Estate and Meadow Partners, today jointly announced the completion of the two-story, 34,000-square-foot penthouse addition at 295 Fifth Avenue. Designed by Studios Architecture to emulate the original neoclassical style of the building, the addition features floor-to-ceiling high-vision glass coupled with an arched metal panel system that recalls the building’s original arched windows and a custom copper-colored finish that complements the brick facade. The podium is part of the larger $350 million redevelopment of the 700,000-square-foot, 100-year-old ‘Textile Building’ in Midtown South, which sits as the epicenter between Madison Square Park, Penn Station, and Grand Central.

“We are thrilled to celebrate one more step forward in transforming this historic building into an inviting and high-performing workplace for the modern employee,” said Elliott Ingerman, TIG Founding Principal. “Studios Architecture has created a truly inspiring addition that is allowing this century-old architectural gem to realize its full potential. We have no doubt that future tenants will feel quite at home in these two new floors, with their stunning views, timeless architecture and ample natural light.”

Originally built in 1920 by notable builder George Backer, 295 Fifth Avenue was previously home to NYC textile tenants and at that time was considered the finest structure on Fifth Avenue. Construction of the 17-story building took less than a year, further elevating the building’s status as a marvel of modern-day construction. The new addition brings the building to 19 stories and unlocks new views of the Empire State Building by creating a terrace from the formerly underutilized rooftop.

“Our goal in designing the addition was to honor the character of the original building while ushering it into a new era,” said David Burns, Principal, Studios Architecture. “The result is expanded square footage that not only caters to contemporary needs in the workplace but also enhances the richness of the Midtown South architectural landscape.”

In addition to the two-story podium, Studios Architecture is making the necessary infrastructure upgrades, including elevators, windows and HVAC. New outdoor terraces and a courtyard garden respond to the growing demand for flexible work areas and unique collaboration zones that support increased productivity and talent recruitment and retention. The lobby interiors were thoughtfully redesigned by Studio MAI with biophilic elements interspersed throughout, open, light-filled areas and tonal, earthy color palettes that evoke feelings of comfort and warmth. The lobby features dedicated pockets for guests to enjoy a coffee, catch up on work or socialize with colleagues and friends.

The CBRE team of Peter Turchin, David Hollander, Brett Shannon and Liz Lash are marketing the 700,000 square feet of available space.

295 Fifth Avenue is currently ready for tenant construction and will open for occupancy in early 2023.

About Tribeca Investment Group

Tribeca Investment Group (“TIG”) is a privately-owned, vertically integrated real estate development firm that focuses on repositioning commercial real estate properties in New York City.

For more than 20 years, Mr. Elliott Ingerman and Mr. Bill Brodsky (TIG founding principles) have successfully invested over $2 billion in office, hotel, and residential properties. Institutional capital partners include Starwood Capital, Vanke USA, Meadow Partners, Rockpoint Group, and Edge Principal Advisors. Lenders include Bank of America, M&T Bank, United Overseas Bank and Related. In 2019, Elliott and Bill led the TIG team and closed on a transaction with a NYC family to begin the repositioning of 295 5th Avenue (700,000 square foot textile industry office property located in Midtown South) with PGIM and Meadow Partners as partners.

TIG’s investment thesis is rooted in recognizing the highest and best use for each opportunity and maintaining a keen understanding of both user demand and locational growth. TIG has consistently generated deal flow by leveraging longstanding industry relationships, resulting in opportunities with attractive risk-adjusted returns for its investors.

About PGIM Real Estate

As one of the largest real estate managers in the world with $208.7 billion in gross assets under management and administration,1 PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.4 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).

PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit pgimrealestate.com.

1 As of March 31, 2022, net AUM is $138 billion and AUA is $46 billion.

2 Includes legacy lending through PGIM’s parent company, PFI.

About Meadow Partners

Meadow Partners is a vertically integrated private real estate investment firm based in New York City and London that manages a series of closed-end funds and separate accounts on behalf of institutional investors.

Together the partners have been responsible for the acquisition and ongoing asset management of over $27 billion of real estate assets located in the United States, Europe and Asia through over 250 separate transactions.

Since inception, Meadow Partners has invested over $1.5 billion of equity and has acquired more than $6 billion of real estate assets in its target markets of New York City, Washington, D.C., London and Paris.

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