The Real Deal New York

Live Nation takes 100K sf in the Meatpacking District

Events promoter takes entire building at 430 West 15th Street

January 04, 2017 02:34PM
By Rich Bockmann

Renderings of 430 West 15th Street (credit: Neoscape)

Live Nation is relocating from its longtime home in Times Square to the Meatpacking District, where the concert promoter has subleased 100,000 square feet in one of the neighborhood’s trendy boutique office buildings.

Ticketmaster’s parent company inked a deal to sublease the entire eight-story former parking garage at 430 West 15th Street from tenant Palantir Technologies, sources told The Real Deal.

TIAA gained control of the 100,000-square-foot building in early 2016, when it paid $107 million to Atlas Capital Group and the Rockpoint Group to acquire a 99-year ground lease on the property running through 2113.

Two years earlier, Atlas and Rockpoint had paid $17 million for the ground lease and began work on converting the existing six-story garage, adding four glass-walled stories to the top and knocking out floor slabs within the existing building to create 20-foot ceilings on the lower floors.

The developers pre-leased the entire building to the Palo Alto-based cyber security firm Palantir in a deal, with asking rents reported at $90 to $110 per square foot.

Neither Live Nation nor Palantir could be immediately reached for comment.

Palantir also maintains a smaller office nearby at 15 Little West 12th Street. Live Nation, meanwhile, currently net-leases the entire 230,000-square-foot building at 220 West 42nd Street through a 20-year deal company forerunner SFX Entertainment inked back in 2000. Over the years, Live Nation has sublet much of that space to other companies.

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