February 8, 2018 – Primary, a revolutionary wellness-based shared co-working company, has signed a 10-year lease for 31,083 square feet at 251 West 30th Street, on the second, third, fifth and sixth floors. It is the largest lease signed, to date, at the property since it was acquired in 2016 by a partnership comprising HSP Real Estate Group (“HSP”), formerly Herald Square Properties, and Marciano Investment Group (“MIG”). The Newmark Knight Frank office leasing/investment sales team of Billy Cohen, Andrew Weisz, J.D. Cohen and Evan Foley represented the landlord. The tenant was represented by Cresa Managing Principals Peter Sabesan and Richard Selig.
“The fact that a firm focused on wellness standards in the workplace has taken such a large footprint is a testament to the great light and air surrounding our building, as well as the comprehensive renovations,” points out Gerard Nocera, principal of HSP. “We are delighted that Primary will be a key tenant here.”
Adds Mr. Sabesan, “The moment the tenants saw the building, they made a decision to take the space because of its incredible location. But besides the location, the driver of this deal was the relationship that was forged between the landlord, whom I have known for decades, and my visionary client.”
“This location in the North Chelsea submarket is less than two blocks from Hudson Yards, down the street from the High Line, and a block from Penn Station,” continues Mr. Cohen. The value proposition here in terms of accessibility is unmistakable.”
With building-wide renovations near completion, the 16-story, 114,000-square-foot, mid-block building has undergone institutional-quality improvements throughout the interiors and achieved a Silver LEED Certification as part of a long-term commitment by the JV team.
Among the comprehensive interior systems and infrastructure upgrades have been the installation of ductless air conditioning/heating systems on each floor, Class E fire alarm systems, and a super-efficient center-core bus duct electrical system. The lobby, hallways and common areas have been completely modernized, as have the new ADA-compliant bathrooms. The elevator cabs are also renovated, and one of the two freight elevators has been redesigned for tenant use and enhanced service. Planned tenant amenities currently include a lounge area, conference area, secure bike storage room, and key card access.
The building’s favorable location and unusual height, which exceeds most of the neighboring structures, also provides the interior spaces with natural light and air from three sides.
The acquisition of 251 West 30th Street in May 2016 represents the fourth commercial prewar building restored and repositioned by Herald Square Properties. Other properties the team has purchased and repositioned include 1372 Broadway, 142 West 36th Street and 234 West 39th Street. In its capacity as asset managers, Herald Square Properties was also responsible for the revitalization of 183 Madison Avenue and 292 Madison Avenue.