Tribeca Investment Group (TIG), PGIM Real Estate and Meadow Partners, today jointly announced plans for the $350 million redevelopment of the 700,000-square-foot ‘Textile Building,’ 295 Fifth Avenue. Located in the heart of Midtown South, the full block office building sits as the epicenter between Madison Square Park, Penn Station, and Grand Central.
As companies across Manhattan plan to bring employees back to the office, the development and design teams prioritized several key elements aimed at elevating the employee experience. Abundant outdoor work spaces, including multiple terraces and a first floor courtyard, offer employees access to fresh air throughout their day while being able to stay connected. Flexible interior work zones and a robust hospitality-focused amenities package allows employees the convenience of a vertical campus – all within Manhattan’s most desirable commercial district, Midtown South. With the chance to renovate during a time where health and safety measures are top of mind, the building will also be equipped with numerous elements to prioritize occupant wellness.
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 16-story building took less than a year, further elevating the building’s status as a marvel of modern-day construction.
“From day one we were inspired by the history and uniqueness of this building. It’s rare that a full block building with such a storied past also offers a strong foundation to be redesigned for the modern workforce,” said Elliott Ingerman, TIG Founding Principal. “By taking the existing structure and reimagining it for today’s talent – adding outdoor work spaces, creating light-filled office floors and infusing hospitality-driven design principles, we’re taking the foundation of the building and creating something completely unique.”
Studios Architecture has completely reimagined the century-old brick building, while honoring its historic character. In addition to making the necessary infrastructure upgrades, including elevators, windows and HVAC, Studios Architecture designed a two-story, 34,000-square-foot penthouse addition to sit atop the building. Inspired by the original neoclassical style, the team reflected the ground floor archways with floor to ceiling high-vision glass coupled with a metal panel system with a custom finish to complement the brick facade. Furthermore, outdoor terraces and biophilic designs respond to the growing demand for flexible work areas and unique collaboration zones that support increased productivity and talent recruitment and retention.
“With the addition of the penthouse, 295 Fifth Avenue becomes an absolute jewel in Midtown South. By maintaining the original building’s character and creating something more than a glass cube for the podium floor, we’ve combined the essence of classic New York with modern necessity. The garden terraces feature expansive – and rarely seen – views across Midtown South,” said David Burns, Principal, Studios Architecture.
The lobby interiors were thoughtfully redesigned by Studio MAI with the intention of creating a uniquely hospitable office environment that feels relevant to lives today. The lobby will incorporate different quadrants to enhance the tenant experience and support the ability for people to work, relax and collaborate. In addition to a traditional lobby check in, 295 Fifth’s ground floor will also incorporate a cafe and library, set against a garden backdrop. The lobby will also provide access to a rear courtyard for opportunities for outdoor, fresh-air workspaces.
“It was important to us that we move away from the lobby as a purely transactional environment, and instead create a destination. Over the past few years, we’ve seen a blurring of the lines between hotels, co-work and creative office space and the need to create personalized experiences. At 295 Fifth, we’re creating unique moments of discovery that reflect how people want to work,” said Milo Garcia, Principal at Studio MAI.
The CBRE team of Peter Turchin, David Hollander, Brett Shannon and Liz Lash are marketing the 700,000 square feet of available space.
“With 44,000-square-foot flexible floor plates, incredible light throughout and 12’-18’ ceiling heights, the office spaces are a very compelling and differentiated offering for the Midtown South submarket,” said Peter Turchin, Vice Chairman of CBRE. “The lobby, specialty floors and terrace offerings in particular are unlike anything else on the market today.”
TIG, PGIM and Meadow Partners expect the building to be ready for tenant construction in the first quarter of 2022 and open for occupancy in the third quarter.
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
PGIM, the global investment management business of Prudential Financial, Inc. (NYSE: PRU), is one of largest real estate investment managers in the world, with more than $173.5 billion1 in gross real estate assets under management and administration, as of 30 June 2019. Through its PGIM Real Estate and PGIM Real Estate Finance businesses, PGIM leverages a 140-year history of real estate lending on behalf of institutional and middle-market borrowers2, a 49-year legacy of investing in commercial real estate on behalf of institutional investors, and the deep local knowledge and expertise of professionals in 31 cities around the world.
1 AUA equals $34.5 billion.
2 Includes legacy lending through PGIM’s parent company, Prudential Financial, Inc.
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.