Highline will be asking an average of $50 per sf for space in the six-story 450 West 14th St. However, the owner is asking $125 for ground-floor retail space, which is located near tenants such as hair salon Bumble & Bumble and fashion designers Stella McCartney and Alexander McQueen. "Fashion has been a major industry that has been interested in space in this area, not to mention graphic design firms and media companies," Owles says.

Tenants are increasing drawn to the Meatpacking District because of the opportunity to establish a unique presence, bolster their image and present an air of exclusivity. "People are looking to establish a brand where the trendsetters are. Since there is so little space in this area, if you are able to establish your brand your competitors cannot, all of a sudden you have established a precedent that you are one of the few that can make it," Owles contends. "Part of the reason they are down here is because they can be a big fish in a little pond," he continues. "I don't think anyone who is going to come here [Meatpacking District] should go in with a very short-term plan. People are here to build their brand and watch the neighborhood grow around them."

Owles adds that for many of the recent lease deals Sinvin has closed on behalf of neighborhood landlords, the terms have ranged from 10 to 15 years. Highline expects 446 West 14th St. to be available in the summer of 2005, while 450 West 14th St. should be ready for occupancy by the fourth quarter of 2005.