111 Eighth Avenue
Taconic Value Add:
111 Eighth Avenue
New York, NY
Midtown South/Chelsea/Meatpacking District
$50 Million Capital Improvement Program; Repositioning and Leasing Campaign; Upgraded Rent Roll to Include World-Class Credit Tenants
111 Eighth Avenue is a 2.9-million-square-foot property located at the apex of the Chelsea and Meatpacking Districts of Manhattan. The property, originally developed as the headquarters of the Port Authority of New York, occupies an entire square block between Eighth and Ninth Avenues and 15th and 16th Streets. As the second largest building in New York City it is home to a diverse tenant base including healthcare, advertising, fashion, publishing and telecom companies.
Taconic acquired 111 Eighth Avenue in January 1998 as part of a portfolio of assets that also included 95 and 99 Wall Street and 100 William Street. Two initial challenges confronted ownership - numerous warehouse tenants occupied much of the property, and the Midtown South market (of which Chelsea was a sub-district) was not considered a viable office location. Recognizing this asset's strategic location within an emerging market, Taconic implemented a complete repositioning plan including vacating the printing and warehouse tenants to assemble large blocks of space. A $50 million base building renovation overhauled vertical transportation, lobbies, common corridors, power plants and fuel delivery systems transforming 111 Eighth Avenue into a leading, first class office building. Under Taconic's stewardship, the rent roll was substantially increased and the credit tenant roster today includes some of the world's most recognized brands.
Building Amenities Access to Transportation: 111 Eighth Avenue is served by the A, C, E & L subway lines that connect to the property via an underground concourse and provide direct access to New York City's major transportation hubs - Penn Station, the Port Authority Bus Terminal and Grand Central Station.
Unique Infrastructure: An average floor size of 200,000 square feet and typical ceiling height of 15 feet combine to provide tenants design flexibility and operating efficiency.
Power & Connectivity: Extensive electric capacity, heavy floor loads, redundant power, vertical risers and efficient column spacing all cater to the specific needs of leading tenants throughout the telecommunications sector.
Representative Tenants Google, Nike, Sprint, WebMD, CCH Legal, Deutsch Advertising and Armani Exchange.
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