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KPG Enters Ground Lease to Develop Boutique Offices in Greenwich Village
KPG Funds entered into a 99-year ground lease at 132 W. 14th St. in Greenwich Village. KPG plans to develop a contemporary class A office development at the property, formerly utilized as auxiliary space by the Salvation Army, which will include an expansive lobby that also serves as an art gallery for its tenants.
KPG’s acquisition of 132 W. 14th represents a new post pandemic chapter for NYC office, said Greg Kraut, KPG Funds co-founder and CEO. “Having the opportunity to long term lease a boutique office building in a burgeoning area was too good for us to pass up,” he said. “The idea that office is dead in NYC is nonsense.”
Avison Young’s head of Tri-State Investment Sales, James Nelson, together with principals Charles Kingsley and Erik Edeen and associate Alexandra Marolda, represented The Salvation Army in the negotiations, along with Andreas Metzger from The Corcoran Group.
- ◦Sale/Acquisition
