When Tribeca Investment Group, PGIM Real Estate and Meadow Partners took over 295 Fifth Avenue in 2019, they decided to convert the 1920s loft from a textile showroom into a high-end office space.
After acquiring the 99-year lease for the 700,000-square-foot building for $ 375 million, they decided 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 of floor-to-ceiling glass and antique bronze metal panels.
The new 18th and 19th floors will add 35,000 square feet of office space and two wraparound 7,000 square feet terraces.
The redesign will also significantly expand the size of the lobby, from 1,000 to 6,000 square feet, and add lounge seating, a coffee bar, and plenty of plants and greenery. Elliott Ingerman, one of the founding partners of Tribeca Investment, said he was aiming for a biophilic, nature-focused design that would include grow lights and resemble a hotel lobby. Ingerman, who developed the Moxy and Baccarat hotels in the financial district, even brought in an interior designer who mainly focuses on hotels, Studio MAI, for the project.
“How do you make the office more welcoming, more fun, a place people want to go and not just? Ingerman asked.
The emphasis on fun is evident in the marketing space, which includes an area with fake grass, lawn games like a corn hole, a large Jenga tower, and an oversized four-hook set, as well as swings.
Other updates include a 2,000 square foot backyard with seating for tenants, as well as 6,000 square feet of below-grade amenity space with games, showers, kitchen and meeting spaces, and bicycle storage next to the lobby.
The building is essentially redoing a nutty soup, including upgrading all 10 existing elevators and adding five new ones, all of which will be spread out at destination. There will also be a new heating and air conditioning system, which tenants can control. The property also has unique historical features, such as a glass garage door on the top floor and loom engravings on the elevator doors, which will be restored and preserved wherever possible.
Construction began in the fourth quarter of 2020 and is expected to be completed in the middle of next year. Rents charged range from $ 95 to $ 135 per square foot.