A Hell’s Kitchen office building has attracted some big celebrity investors. The 464,000-square-foot building at 787 Eleventh Avenue, located between West 54th and West 55th streets, is owned by Adam Flatto’s Georgetown Company and Bill Ackman. As reported by the Real Deal, the building has a new group of illustrious investors including basketball star LeBron James, and the actor-turned-politician Arnold Schwarzenegger. The value of the investments has not been disclosed. In the past, Georgetown Company also scored famed investors including music mogul Jimmy Iovine and Boston Red Sox chairman Tom Werner.
Formerly the Ford Motor Co. building, and still known as “Auto Row”, the eight story building was purchased in 2015 for $255.5 million by Georgetown and Ackman. Another $100 million was spent on an extensive renovation and the addition of a ninth and tenth floor. The work was led by internationally acclaimed architect Rafael Vinoly. The bottom floors of the building house auto dealerships, and the top floors are being marketed as upscale offices under the management of CBRE Asset Services.
The office building will become the new headquarters for Ackman’s hedge fund company, Pershing Square. The capital management firm, founded in 2003 which now boasts $8.2 billion in Assets Under Management, is currently based at 888 7th Avenue in NYC. Pershing Square will occupy the two-story glass penthouse added to the top of 787 11th Avenue. The lease for 67,000 square feet in the commercial building was signed in 2016. Ackman, himself a former tennis pro, looks forward to the company’s move, as he will be building a tennis court on the building’s 12,000-square-foot roof top.
By: Hadassa Kalatizadeh