The Real Deal New York

HP signs lease for Chelsea Art Museum building

October 26, 2011 01:43PM

Chelsea Art Museum building
The Chelsea Art Museum is about to be replaced by Hewlett-Packard, which has special plans for the building. According to the New York Post, the tech firm signed a 10-year lease for the entire 34,500 feet inside the three-story museum building at 556 West 22nd Street near 11th Avenue. HP would not disclose the plans. The museum will remain in the building until Jan. 1.

CBRE brokers Pat Murphy and Jenny Ogden represented HP in the transaction, while a Murray Hill Properties team led by Jesse Rubens represented the owners.

The building is owned by a partnership of Albanese Organization and BD Richard Born’s Equities that bought the building out of bankruptcy from museum founder Dorothea Keeser for $19.35 million late last year. In addition to inking the lease, the owners sold 20,500 square feet of air rights to Scott Resnick’s SR Capital for an adjacent development at 551 West 21st Street. [Post, 1st item]

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