Key Takeaways
- • RTW Investments, a healthcare-focused hedge fund specializing in biopharma investments, leased the entire seventh floor (14,082 square feet) of Solar Carve Tower at 40 10th Avenue in Manhattan's Meatpacking District under a 10-year agreement.
- • The lease represents significant expansion for RTW, which relocates from 412 W. 15th Street to nearly double its office footprint in the high-visibility waterfront location along the High Line overlooking the Hudson River.
- • Asking rents for the 7th floor space range from $170 to $210 per square foot, reflecting premium pricing for the newly constructed, architecturally distinctive office tower designed by Studio Gang.
- • Solar Carve Tower is attracting institutional-grade tenants across multiple floors, with Starwood Property Group occupying the eighth floor and a Genesis auto marketing center leasing over 41,000 square feet in the base level.
- • CBRE represented the tenant (Silvio Petriello, Ben Friedland, Hugh McDonald) while JLL and in-house counsel represented the owners (William E. Gottlieb and Aurora Capital), signaling substantial brokerage involvement in the transaction.
Summary
RTW Investments, a healthcare-focused hedge fund investing in biopharma companies, has signed a 10-year lease to occupy the entire seventh floor of Solar Carve Tower, a newly completed office building located at 40 10th Avenue in Manhattan's Meatpacking District. The lease encompasses 14,082 square feet and represents a significant expansion for the firm, which currently operates from nearby 412 W. 15th Street. The relocation allows RTW to nearly double its office presence while establishing a high-profile headquarters in one of New York's most architecturally prominent recent commercial developments.
Solar Carve Tower, designed by renowned architect Jeanne Gang and her firm Studio Gang, is distinguished by its innovative solar-carving architectural strategy featuring geometrically optimized glazing and three-dimensional faceting that maximizes natural light while reducing solar heat gain. The building's premium positioning—situated along the High Line with Hudson River views—commands asking rents ranging from $170 to $210 per square foot on the 7th floor, reflecting institutional-grade pricing for Class A Manhattan office space.
The transaction was brokered by CBRE representatives Silvio Petriello, Ben Friedland, and Hugh McDonald representing RTW, while JLL's Howard Hersch, Brett Harvey, and Sam Seiler represented the owner-developers William E. Gottlieb and Aurora Capital, alongside in-house counsel Jared Epstein. The building is demonstrating strong leasing momentum, with Starwood Property Group committed to the eighth floor and a Genesis auto marketing center securing over 41,000 square feet in the base retail level, with an anticipated early 2020 opening. Solar Carve Tower's success in attracting diversified, high-profile tenants underscores sustained institutional demand for premium office space in the High Line corridor.
Solar Carve Tower, designed by renowned architect Jeanne Gang and her firm Studio Gang, is distinguished by its innovative solar-carving architectural strategy featuring geometrically optimized glazing and three-dimensional faceting that maximizes natural light while reducing solar heat gain. The building's premium positioning—situated along the High Line with Hudson River views—commands asking rents ranging from $170 to $210 per square foot on the 7th floor, reflecting institutional-grade pricing for Class A Manhattan office space.
The transaction was brokered by CBRE representatives Silvio Petriello, Ben Friedland, and Hugh McDonald representing RTW, while JLL's Howard Hersch, Brett Harvey, and Sam Seiler represented the owner-developers William E. Gottlieb and Aurora Capital, alongside in-house counsel Jared Epstein. The building is demonstrating strong leasing momentum, with Starwood Property Group committed to the eighth floor and a Genesis auto marketing center securing over 41,000 square feet in the base retail level, with an anticipated early 2020 opening. Solar Carve Tower's success in attracting diversified, high-profile tenants underscores sustained institutional demand for premium office space in the High Line corridor.
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