L&L Holding Company

Rendering by COOKFOX

May 31, 2023

$1B office complex revamp of Chelsea’s historic Terminal Warehouse tops out

Terminal Warehouse, the newest reimagined workplace destination in the West Chelsea historic district, is nearing completion; a six-story addition atop the 130-year-old landmarked building recently topped out, as the New York Post first reported. The historic building, once home to the iconic 1980s and '90s nightclub Tunnel, is slated to become 1.3 million square feet of wellness-focused office and retail space, with an investment of over $1 billion. The project's developers, L&L Holding Company and Columbia Property Trust, along with architectural firm COOKFOX and New Line Structures, have made every effort to maintain the building's character as New York City's first major industrial facility with direct access to the Hudson River, streets, and rail lines.
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Conversion of Chelsea’s historic Terminal Warehouse into offices moves ahead with new looks

Rendering by Gensler/TMRW

July 26, 2021

Conversion of Chelsea’s historic Terminal Warehouse into offices moves ahead with new looks

By Devin Gannon

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.
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Trading floor rendering courtesy of L&L Holding

January 20, 2021

Norman Foster’s splashy new office tower at 425 Park Avenue nears completion

By Dana Schulz

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.
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LPC approves COOKFOX’s plans to convert Chelsea’s historic Terminal Warehouse into an office complex

All renderings by COOKFOX

January 22, 2020

LPC approves COOKFOX’s plans to convert Chelsea’s historic Terminal Warehouse into an office complex

By Dana Schulz

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.
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City seeks to revoke access to office rooftops made for employee mingling

Rendering of L&L Holding Company’s planned rooftop terrace at 390 Madison Avenue

July 5, 2017

City seeks to revoke access to office rooftops made for employee mingling

By Devin Gannon

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.
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August 22, 2016

Off the avenue: Is Park Avenue losing its edge in the office market?

By Michelle Cohen

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

Real Estate Trends

L&L Holding Company

$1B office complex revamp of Chelsea’s historic Terminal Warehouse tops out

Conversion of Chelsea’s historic Terminal Warehouse into offices moves ahead with new looks

Norman Foster’s splashy new office tower at 425 Park Avenue nears completion

LPC approves COOKFOX’s plans to convert Chelsea’s historic Terminal Warehouse into an office complex

City seeks to revoke access to office rooftops made for employee mingling

Off the avenue: Is Park Avenue losing its edge in the office market?

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