If you’re tired of reading about the office market’s dire straits and low physical attendance, take heart: there are a few brave new office projects out there, although not in Midtown or Downtown Manhattan.
In a step forward for the new mixed-use project at 121 W. 125th St., co-development partner Taconic has launched a leasing campaign for the building’s 90,000 square feet of offices — a bold addition to Harlem’s scarce office inventory and perhaps its only Class-A asset.
The Newmark-run marketing campaign has begun even before there’s a firm schedule for completion of the 414,000 square-foot project’s several components, although a temporary certificate of occupancy is expected this summer.
Asking rents weren’t disclosed but are likely to be higher for the new floors with advanced technology than for typical neighborhood asks of mid-$40s to mid-$50s per square foot in older buildings.
The ambitious, $242 million venture on bustling West 125th Street between Malcolm X and Adam Clayton Powell Boulevards is officially the Urban League Empowerment Center and will serve as the venerable organization’s new headquarters, as we first reported.
It is also to have 170 affordable rental apartments and a total of 90,000 square feet of retail.
Office tenant amenities include an 8,000 square-foot roof terrace.
The stores include Target and the first Trader Joe’s in Upper Manhattan.
They reflect strong retail energy along Harlem’s most famous street, where some storefronts stand vacant but where the trajectory is mostly upward.
Taconic is teamed with with L+M Development Partners, BRP Companies and the Prusik Group.
Taconic vice-president Jane Luger said, “As more businesses shift away from traditional office districts to areas where their employees live, the project offers companies and organizations a unique proposition comprising well-designed offices in the heart of Harlem.”
[Written in collaboration with other media outlets with information from the following sources]
