L&L Holding, Columbia Property Trust Top Out NYC Adaptive Reuse Project
Terminal Warehouse in West Chelsea will soon become a 1.3 million-square-foot office and retail destination.
L&L Holding Co., in partnership with Columbia Property Trust, has topped out the redevelopment of Terminal Warehouse in Manhattan’s West Chelsea neighborhood. The historic property is being transformed into a 1.3 million-square-foot office and retail destination, with an initial delivery expected in 2024.
The development team includes New Line Structures and architectural firm COOKFOX. Upon completion, the adaptive reuse project will feature six office floors on the western side of the building, which will add to a total of 12 new and rebuilt office floors. Plans also call for a 700-foot-long groundscaper, 2.5 acres of outdoor and green space and 29 private terraces. Floorplates will range between 22,000 and 160,000 square feet. Amenities will include a fitness studio, childcare and an auditorium.
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The developers are targeting LEED Platinum and WELL Gold certifications, as well as a WiredScore Platinum rating. The new building will feature a restoration of the old train tunnel that connected the docks to the freight lines operating along 11th Avenue, as well as some of the property’s original architectural elements.
Located at 261 11th Ave., Terminal Warehouse occupies a full Manhattan block from 11th to 12th Ave., and 27th to 28th St., along the Hudson River.
From historic building to modern workplace
Originally built in 1891, Terminal Warehouse has served a variety of purposes. Initially, the building was used as a transfer point for goods transported across the Hudson River and into the city. Beyond its shipping purposes, the property also served as a cold storage warehouse and even hosted Broadway production sets.
In 1986, the property was transformed into The Tunnel nightclub, which remained opened until 2001. The building later hosted art galleries, as well as office, food and retail space. In 2018, L&L Holding Co., in partnership with Normandy Real Estate Partners, acquired the building for $880 million from Waterfront New York and GreenOak Real Estate Advisors LP. Columbia Property Trust became involved in the project, following its acquisition of Normandy in 2019 in a $100 million deal.
In early January 2020, the Terminal Warehouse redevelopment project was approved by the New York City Landmarks Preservation Commission. The following year, the developers received $1.25 billion in construction financing from Blackstone.
