Newmark Frank Brokers last block of space at Stellar Mangement’s 450 West 15th street
New York, NY – December 22, 2011 – Stellar Management announced today that it has leased the last available space at the trendy and coveted Milk Studios Building in the Meatpacking District. Long-time tenant, inVentiv Health, a full-service, global healthcare consulting firm, has committed to remain in the building and has expanded its presence by leasing additional space. The firm will use the location as its New York headquarters and in total will now occupy 75,000 square feet in the building.
“inVentiv Health has been in the Meatpacking District for more than a decade,” said Michael Dreizen of Newmark Knight Frank. “In recent years, the neighborhood has become a business center for many other forward-thinking firms, adding to the numerous benefits of remaining here.”
“We were able to provide the remaining 21,512 square feet of office space to accommodate inVentiv Health’s expanding business lines. The firm will have unobstructed views of the High Line and Hudson River.”
Dreizen, and Newmark Knight Frank’s James Kuhn and Brian Waterman, acted on behalf of Stellar Management, as exclusive leasing agents for the property. Paul Meyers and Mike Movshovich of CBRE represented the tenant in the transaction.
Other tenants in the building include the property’s eponymous Milk Studios, Tod’s, Mulberry, Philips De Pury and high-end fashion retailer Jeffrey.
“Many of our tenants, including inVentiv, pioneered this neighborhood and we were excited that they decided to renew and expand at the building and remain a part of this vibrant, budding community,” said Ryan Jackson of Stellar Management. “Meatpacking isn’t just a trend, it’s a mainstay; it’s quintessential New York.”
The 300,000-plus-square-foot asset features views of the Hudson River and the High Line. It is located in the heart of the Meatpacking District between Washington Street and 10th Avenue going through the block from 14th Street to 15th Street. Additionally, the building is adjacent to food haven Chelsea Market.
About Stellar Management
For over 25 years, Stellar Management has acquired and improved properties across the country. Founded by Laurence Gluck, Stellar has built its track record on ownership, management, and the revitalization of office buildings and rental housing in metropolitan areas on the East and West Coasts of the United States. Stellar Management is a real estate investment and management firm with over two million square feet of office space and more than 20,000 apartment homes under its corporate umbrella. Stellar Management employs approximately 800 people, and has offices and management teams based in New York, Metro D.C. and San Francisco.