|Address:||88 University Place||Class:||B|
|Cross Streets:||5th Avenue & University Place||Size:||86,927 SF|
The office building located at 88 University Place in Midtown South was completed back in 1906 and renovated in the 2000s. The building features Class B office space, as well as ground-floor retail space. It is currently owned by former WeWork CEO Adam Neumann alongside fashion designer Elie Tahari. The building’s office portion has been fully leased to IBM for years, but it might soon become vacant, as the IT company is planning a move to a new location. WeWork is also planning to sell 88 University Place as part of its company restructuring strategy.
87 KSF of Class B Greenwich Village office space
88 University Place offers a total of 86,927 square feet of Class B Greenwich Village office space across 10 stories. The building was renovated in 2015, when it was acquired by fashion designer Elie Tahari, alongside WeWork’s former CEO Adam Neumann, for $70 million. The property was previously owned by Himmel Meringoff Properties.
The office building at 88 University place is managed by WeWork and fully leased to IBM. The tenant is, however, planning to move out of the building to a new, bigger location. Amenities include a sprinkler system, 24/7 access and security, and floor sizes averaging 8,700 square feet.
Getting to and from 88 University Place
The office building at 88 University Place benefits from an excellent location in the heart of Greenwich Village. Those working in the building have easy access to a plethora of shopping and dining destinations nearby, as well as access to public transportation. The property is just a short walk from the 14 Street-Union Square subway station, which serves the 4, 5, 6, L, N, Q, R, and W lines.
Who is renting office space at 88 University Place?
The office portion of 88 University Place is fully leased to IBM. However, the IT company is planning to move out of the building and to a new location. The landlord might choose to find another anchor tenant or lease out space to multiple smaller tenants.
How much is the rent price for office space at 88 University Place?
Office asking rents in Midtown South often reach $90 per square foot, making this submarket one of the priciest in New York City. Office rents in Greenwich Village are slightly more affordable than those in Hudson Yards or the Plaza District, and Class B assets like 88 University Place tend to boast even more competitive prices.
Image via Google Street View