The Paragon and Blanchard Buildings, located adjacent to both LIRR and No. 7 subway stations, will offer office tenants modern office space and amenities and convenient access to the region.
Related today announced that digital agency VaynerMedia has signed a lease to locate its new studio production house at The Point in Long Island City. VaynerMedia’s production house will occupy approximately 43,000 square feet in the Blanchard Building, one of the two marquee buildings that make up The Point, a new commercial and retail community in the heart of Long Island City. The Point, which also includes The Paragon Building, is owned by Related Fund Management and GreenOak Real Estate. Both buildings offer modern, open plan office environments and convenient access to the No. 7 subway and Long Island Railroad. The character-rich locations are being reimagined by Studios Architecture. Newmark Grubb Knight Frank, led by Vice Chairman Brian Waterman, and Stephen Winter of Related Companies are overseeing the leasing of the properties.
“My intuition about Long Island City makes me sure The Point in LIC is going to be an amazing location for our talent,” said VaynerMedia CEO Gary Vaynerchuk. “It's a great space, and will be easy for my team to get to and from VaynerMedia's Hudson Yards headquarters.”
Senior Vice President of Related Fund Management Patrick Sweeney said, “We are thrilled to welcome VaynerMedia to The Point. The Blanchard building was an ideal fit for VaynerMedia CEO Gary Vaynerchuk and his talented employees, offering well-amenitized, Class A office space in a unique social setting and all in one of the most desirable neighborhoods to live and work.”
Long Island City is fast becoming one of the most exciting places to live, work and play, offering a central location and convenient access. It is already home to over 6,300 businesses and nearly 100,000 employees. Forward-thinking companies are looking at their real estate beyond just a space to house employees, but rather for employee attraction and retention. Quality of life needs for employees such as lifestyle amenities, health and wellness, and a world-class work environment have become essential tenant demands and are all available within the Long Island City market.
Long Island City’s explosive growth has already attracted such tenants as JetBlue, Macy’s, Gwynnie Bee, Ralph Lauren, Madewell, Rolex, Bergdorf Goodman, J. Press and Brooks Brothers, affirming its place as a premier Live/Work/Play neighborhood in New York City for creative tenants. In addition, over 11,000 new apartments have been built since 2006, with an additional 22,000 in planning and development. Dozens of new boutiques, restaurants and bars have also opened in the past year and the area features numerous public green spaces and parks.
The seven-story, 220,000-square-foot Blanchard Building at 2110 51st Avenue offers 35,000-square-foot floor plans and a social atmosphere featuring a unique indoor-outdoor lobby café and courtyard. The seven-story, 130,000-square-foot Paragon Building is located directly above the No. 7 subway station on 21-00 49th Avenue at the southeast corner of 21st Street. The commercial space boasts large floor plans from 12,600 to 18,300 square feet, a penthouse roof terrace, new 9-foot windows, spacious 13-to-17-foot ceiling heights, unobstructed views of Manhattan, Queens and Brooklyn from all sides, as well as ground and garden-floor retail.
Both buildings are undergoing a significant capital improvement program creating new building entries and lobbies, as well as brand new mechanical and electrical systems. Blanchard will be available for occupancy in spring 2017 and Paragon in fall 2017. The Point offers great transportation access. via the No. 7 train and the site is six minutes from Grand Central, four stops to Times Square and five stops to Hudson Yards. Both properties are a two minute walk to the G train, offering access to Brooklyn, and they also boast immediate access to the Queens Midtown Tunnel and Long Island Expressway. More information about The Point is available at www.ThePointLIC.com. Images available in high resolution by emailing Communications@Related.com.
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed over 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington D.C., Abu Dhabi, London and Shanghai and boasts a team of approximately 3,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $30 billion, is made up of best-in-class mixed-use, residential, retail, office and affordable properties in premier high-barrier-to-entry markets. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 28-acre Hudson Yards project on Manhattan’s West Side. Related Fund Management is staffed by seasoned professionals and has raised over $3.4 billion of capital for the platform across three areas: opportunistic real estate investments, origination and acquisition of debt, and multi-family housing opportunities. For more information about Related Fund Management, please visit www.related.com.
About GreenOak Real Estate:
GreenOak is an independent, partner owned, real estate focused principal investing, lending and advisory firm that seeks to create long term value for its investors and provide strategic advice to its clients. Formed in 2010, GreenOak is a highly focused global platform with an experienced and cohesive senior team. GreenOak possesses a long and successful track record investing in and managing real estate and advising clients on strategic mandates. GreenOak has offices in New York, Los Angeles, London, Seoul, Madrid and Tokyo with dedicated teams that possess local knowledge, experience and extensive networks in each market. GreenOak currently has approximately $5.7 billion of assets under management globally and has raised $5.5 billion of equity to invest in targeted strategies and assets as of December 2016.