The City of New York has secured a lease for a specialty building located at 755 12th Avenue in Hell's Kitchen, Manhattan. The lease, valued at $89.6 million, was secured from Vornado Realty Trust, Blackstone Group, and Hudson Pacific Properties, operating through Pier 94 Leaseco, LLC. The building is situated adjacent to a parcel that extends into the Hudson River at West 54th Street. The property spans a total of 105,562 square feet and has an asking rent of $849 per square foot.

Summary of Transaction Details

• Property Type: Special Purpose
• Transaction Amount: $89.6 million
• Address: 755 12th Avenue & West 54th Street
• Market: Hell's Kitchen, Manhattan
• Landlord: Steven Roth - Vornado Realty Trust, Stephen A. Schwarzman - Blackstone Group, Victor J. Coleman - Hudson Pacific Properties
• Tenant: City of New York
• Asking Rent: $849/ft
• Square Footage: 105,562

Vornado Realty Trust, Blackstone Group, and Hudson Pacific Properties played essential roles in facilitating this lease agreement with the City of New York. Steven Roth, Stephen A. Schwarzman, and Victor J. Coleman represented their respective companies as the landlords. The specialty building at 755 12th Avenue will serve the specific needs of the City of New York, providing a unique space for its operations in Hell's Kitchen, Manhattan.