Overview
Avison Young, as the exclusive agent, is pleased to offer for sale the fee simple interest in 251 West 30th Street (the “Property”). Known as Chelsea Square, the Property is a recently modernized and renovated loft office and retail building located a block from Penn Station, at the intersection of the prime Chelsea and Penn District submarkets in Midtown South. The 16-story commercial property contains approximately 113,515 rentable square feet with retail on the ground floor, office floors above, an amenity center and penthouse/roof-top deck.
Originally constructed in 1927, the building underwent a complete modernization and capital improvement program from 2017-2019 that included over $10M of base building upgrades and tenant buildouts. The building features a renovated lobby with 15-ft ceilings, boutique floor plates ranging from 5,000 – 8,000 RSF and benefits from exceptional light & air with three sides of windows and multiple setbacks and outdoor terraces.
Investment Highlights
FULLY MODERNIZED LOFT OFFICE
113,515 RSF office and retail with recently upgraded systems and finishes.
RECENT CAPITAL EXPENDITURES
Over $10M on building improvements including new lobby, HVAC, electrical, fire & life safety, elevators and bathrooms.
100% LEASED
Fully leased with 3.4Yrs WALT offering strong, stable in-place income.
MARK-TO-MARKET UPSIDE
Select near-term roll of older generation space providing upside for new ownership to capture immediate rent growth.
BOUTIQUE FLOOR PLATES
Efficient floor plates ranging from 5,000 – 8,000 RSF suitable for both single-tenant and multitenant configurations.
INCREDIBLE LIGHT & AIR
3 sides of windows with north, west and southern exposures maximizes sunlight and gives avenue feel to office floors.
THE PENN DISTRICT
One block from Penn Station, the property benefits from over $35B of recently invested capital in the redevelopment of the surrounding area including the Penn District, Manhattan West and Hudson Yards.
UNRIVALED CONNECTIVITY
The Property is two blocks in either direction from the 1/2/3/A/C/E/B/D/F/M/N/Q/R/W, PATH, LIRR, NJT, Amtrak offering ‘one-seat’ commutes for over 70% of the city’s commuters.
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