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Tribeca Investment, PGIM JV on Textile Building
Midtown South’s historic Textile Building at 295 Fifth Ave. has changed ownership for the first time in its nearly century-long history. A newly-formed joint venture among Tribeca Investment Group and funds managed by PGIM Real Estate and Meadow Partners entered into a 99-year ground lease on the 700,000-square-foot property.
Financial terms weren’t disclosed. The JV plans a nearly $300-million repositioning to transform the building into a Class A office tower, capitalizing on the strong demand for large floor plates in the area’s tight office market.
“In evaluating a variety of opportunities at this stage in the cycle, we recognized untapped potential to capitalize on the strong demand for this type of space,” said Tribeca Investment’s Eliot Ingerman.
CBRE’s Darcy Stacom, Bill Shanahan and Doug Middleton represented the family ownership on the ground lease, while CBRE’s David Hollander and Peter Turchin will oversee leasing at the property.
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