Private equity and venture capital firm Stripes is changing up its current office digs — but it isn’t going far.
The company is moving to the “Solar Carve” building at 40 10th Avenue, according to the Commercial Observer. The move to the 160,000-square-foot, 10-story building will mark a departure from its current Meatpacking District building just a block away at 402 West 13th Street.
The company signed a 10-year lease at the Aurora Capital Associates-owned building for 14,000 square feet. Asking rent for the fifth floor was $160 per square foot.
Stripes plans on moving into the building next summer where it will join other tenants, including Starwood Capital Group and RTW Investments, according to the Observer. Genesis Motors has a 40,000-square-foot showroom on the building’s ground level.
Stripes was founded by venture capitalist Ken Fox in 2008. The company has since made a number of notable investments, including Monday.com and Califia Farms.
The Solar Carve building was designed by Jeanne Gang’s Studio Gang, marking its first commission in New York. The building is replete with a glassy sculpture-like design and is adjacent to a section of the High Line.
News of the property’s latest lease comes days after Aurora Capital sparked headlines with its own moves regarding the office building. The developer, in partnership with William Gottlieb Real Estate, scored a $300 million refinancing of the building from Pbb Deutsche Pfandbriefbank to replace existing debt from the same lender.
The Meatpacking District is part of the larger Midtown South region, which is pacing the recovery of the office market in Manhattan. In the third quarter, prospective tenants were hunting for 6.5 million square feet of office space in Midtown South, according to an analysis by KPG Fund and Newmark previously reported by The Real Deal. The figures for the area — which also includes the Chelsea, Flatiron, Hudson Square and NoHo/SoHo neighborhoods — represented a 64 percent rise from the first quarter.
Read more
Commercial
New York
Midtown South leads Manhattan’s office market recovery: report
Commercial
New York
Hyundai’s luxury brand inks huge retail lease in Meatpacking District
[CO] — Holden Walter-Warner