218 W. 18th St./ Photo by Alexander Severin
NEW YORK CITY—Drive Shack, the owner and operator of golf entertainment, an example of the growing sector of “competitive retail” scored a 13,400 square-foot lease. It was the last remaining floor at Columbia Property Trust's building at 218 W. 18th St. that's between Seventh and Eighth avenues. Terms of the lease including its price and length were not disclosed.
The golf entertainment owner and operator's relocation of it headquarters brings the property to 100% leased. Other building tenants include the beverage maker Red Bull, and Company 3, a film post-production company.
“218 West 18th St. continues to attract top-tier creative and lifestyle firms, who are drawn to its mix of warehouse architecture, high-touch tenant service, and the amenities of the Chelsea neighborhood,” says Dave Cheikin, Columbia Property's SVP of strategic real estate initiatives.
All of the brokers involved in the transaction were from CBRE. Paul Amrich, Neil King and Reeves Henritze represented Columbia Property. Conor Denihan and Bill Iacovelli represented Drive Shack.
Built in 1912, 218 West 18th St. is a former warehouse that has been converted to an office building. It's close to Columbia Property's 249 W. 17th St. where Twitter recently signed a 215,000-square-foot-renewal for its headquarters.
Columbia Property Trust bought 245-249 W. 17th St., two buildings that have a shared address, and 218 W. 18th St. from New York REIT for $514 million, as previously reported by Commercial Observer.
Join the 17th Annual GlobeSt Net Lease Conference (formerly a RealShare event) on April 3 & 4 in New York City alongside the industry's most influential and knowledgeable real estate executives from the net lease sector. Click here to register and view the agenda.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
