Rendering by Gensler/TMRW
With construction financing secured and new renderings released, the conversion of the historic Terminal Warehouse in Chelsea into a holistic office complex is moving forward. L&L Holding Company and Columbia Property Trust announced last week they closed on a $1.25 billion construction loan for the project, which involves restoring and adapting the former freight distribution hub into modern office space that incorporates original design elements. New renderings show off the project’s planned cascading terraces and interior courtyard, rooftop amenity, and ground-floor cafe.
Trading floor rendering courtesy of L&L Holding
It’s been more than five years since L&L Holding Company broke ground on the 47-story Norman Foster-designed office tower at 425 Park Avenue, but it’s finally nearing the finish line. The 897-foot building is notable for its triple-height diagrid floors and the set of three ornamental fins at the crown that will be illuminated at night. It will be the first full-block tower along this stretch of Park Avenue in half a century, joining the likes of the Seagram Building and Lever House.
More info here
All renderings by COOKFOX
The entire city block bound by 11th and 12th Avenues and 27th to 28th Streets in West Chelsea is occupied by the Terminal Warehouse complex, a former freight distribution hub built in 1891. After losing its place in the shipping industry in the 1930s, it then became infamous in the 1980s and ’90s as the home of The Tunnel nightclub. Now, after years as a mini-storage facility and commercial offices, the structure will once again see new life, this time as a wholistic, modern office complex. L&L Holding and Normandy Real Estate Partners have partnered with COOKFOX architects to adaptively reuse the building, preserving and restoring its historic elements, as well as to add shops and restaurants on street level, a central courtyard, and a contemporary glass addition. Yesterday, the Landmarks Preservation Commission unanimously approved the plans.
More looks and details
Rendering of L&L Holding Company’s planned rooftop terrace at 390 Madison Avenue
Update 7/31/17: The Post reports that the DOB recently sent landlords a draft memo clarifying that, aside from minor details, terraces are allowed “as open passive recreation space.”
To give workers a comfortable and conducive work space, some companies have outfitted their offices with amenities like on-site fitness centers, free coffee and outdoor space. However, the city’s Department of Buildings has launched a campaign to stop or delay these rooftop terraces on office towers, claiming the spaces can only be used for plants, not people. As the New York Post reported, DOB may not approve office terrace plans and may even rescind already approved plans.
Find out more
Park Avenue has for decades been the office district of choice for many of the city’s high-profile–and high-rent–corporations. But a recent Crain’s article points to impending departures–such as the decision of investment firm Black Rock to decamp for new space in Hudson Yards or the World Trade Center, raising the question of whether the avenue’s biggest office zone, from East 45th to East 59th streets, is falling out of favor with big-ticket business tenants.
The city’s office market is, without a doubt, changing. Industries like tech are growing and the financial industry is consolidating and in some cases downsizing its office space. The neighborhood, which charges the city’s highest average rents, has been slow to catch up with the needs of new office tenants.
People moving out, people moving in