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Commercial Observer Former Textile Showroom at 295 Fifth Avenue Becomes Boutique Offices
When Tribeca Investment Group, PGIM Real Estate and Meadow Partners took over 295 Fifth Avenue in 2019, they decided to convert the 1920s loft building from textile showrooms to high-end office space. After acquiring the 99-year leasehold for the 700,000-square-foot building for $375 million, they decided they wanted to keep the historic facade and add a two-story penthouse. The penthouse, which is part of a $350 million renovation, will be set back from the building to create outdoor space, and will be constructed out of floor-to-ceiling glass and antique bronze metal paneling.
New York YIMBY $350 Million Redevelopment Plan in the Works for 295 Fifth Avenue in Midtown South
295 Fifth Avenue in Midtown South will soon receive a $350 million redevelopment at the hands of Tribeca Investment Group, PGIM Real Estate, and Meadow Partners. The full-block, 16-story "Textile Building" will have 700,000 square feet of updated office space. Studio Architecture is responsible for the design and CBRE is handling marketing.
The Architect's Newspaper Midtown Manhattan's Textile Building will get a $350 million overhaul
The Textile Building, a 101-year-old mainstay of Manhattan's Garment District at 295 Fifth Ave, will get a $350 million overhaul courtesy of Studios Architecture.
6sqft $350M redevelopment of century-old Textile Building reimagines office space with fresh air and greenery
A 100-year-old property in Midtown South will be reimagined as a modern office building with courtyards and terraces, flexible workspace, and lots of greenery, amenities the owners hope will draw tenants back to in-person work post-pandemic. Tribeca Investment Group, PGIM Real Estate, and Meadows Partners announced this week plans for a $350 million redevelopment of 295 Fifth Avenue, also known as the Textile Building. The owners acquired a 99-year ground lease for the 17-story building in 2019 for $375 million.