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Insurer inks 48K sf lease at Rockpoint's Meatpacking project

Property Markets / Transactions

United States of America

Mar 06 2017

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Konrad Putzier, The Real Deal

Rockpoint Group, Highgate and the Meilman family found an anchor tenant for their Meatpacking District office development at 413 West 14th Street.

Bermuda-based insurer Argo Group agreed to lease 48,000 square feet at an asking rent of around $100 per square foot in the 200,000-square-foot project, Crain’s reported.

Argo would take the top two floors in a four-story office building the three developers are renovating. As part of a 200,000-square-foot project, the partners are also erecting a 270-foot-tall office tower on a neighboring lot at 412 West 15th Street, where asking rents range from $115 to $195 per square foot.

The trendy neighborhood isn’t exactly known for housing insurance companies, but Argo apparently sees itself as an outlier. The company is keeping its current 17,000-square-foot office at 610 Broadway in NoHo and will use its Meatpacking location as expansion space.

“When we started working on this space, we never imagined that our target tenant would be an insurance firm,” CBRE’s Paul Amrich, who represented the landlord along with a team, told Crain’s.

SOURCE: The Real Deal


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