NEW YORK | 260 12th Ave | FT | 25 FLOORS

[NYguy]

https://commercialobserver.com/2020/...-hudson-yards/

Georgetown Plans $1B Office Building Near Hudson Yards
The 25-story building will sit on a waterfront site bordered by the High Line

BY CHAVA GOURARIE
MARCH 16, 2020

Georgetown Company is planning to build a 1.1-million-square-foot office building in the Hudson Yards neighborhood on a waterfront site that the company has owned for over 50 years, Commercial Observer has learned.

The planned 25-story building will span half a block between West 29th and West 30th Streets at 260 12th Avenue, just south of the High Line, according to a source familiar with the project. New York-based Georgetown has used the site as a parking lot since acquiring it in the 1960s.

The company plans to break ground on the building next year and deliver space to tenants in 2024. The current plans will allow Georgetown to build as-of-right, rather than wait for a rezoning that would allow for more height or residential uses.

Similar to the redevelopment of St. John’s Terminal in Hudson Square, where Google is taking 1.3 million square feet across just 12 floors, Georgetown had decided to exchange height for the harder-to-find large floor plans that are attractive to tech tenants. While the exact sizes will vary, the floor plates will be as close to 80,000 square feet — the size of the site’s footprint — as possible, according to the source. And since the site fronts the West Side Highway and the Hudson River Park, even the lowest floors will have waterfront views, he said.

There are two additional projects underway on the same block, known as Block 675, both of which will be residential rental towers. Douglaston Development is constructing a 58-story skyscraper designed by FXCollaborative at 601 West 29th Street, and Lalezarian Properties is developing a 42-story tower at 606 West 30th Street designed by Ismael Leyva Architects. Both sites completed demolition of existing structures in 2019 and have begun construction.

When talk of redeveloping the yard — then called West Side Yard — began in the aughts, Georgetown filed plans to build a 66-story hotel on the site. However, in 2010, the company signed a $96 million easement with the Port Authority of New York and New Jersey, which planned to build a new tunnel across the Hudson River. That plan was subsequently killed by then-Governor Chris Christie of New Jersey, but the easement remained in place.

The 10-year easement expires in September of this year, according to public records, presumably leaving Georgetown free to pursue its plans.