Los Angeles-based venture capital firm Fifth Wall Ventures acquired 7,434 square feet for a new location on the entire fourth floor of 2 Ninth Avenue in the Meatpacking District, according to a source familiar with the matter. The rent requested was $ 95 per square foot for the five-year agreement.
The company is moving from a smaller office to 875 Washington – a coworking space of SoHo works, the emanation of the workspace of the exclusive hotel brand SoHo House, according to the source.
Fifth Wall, which invests in real estate and real estate technology, closed its new space at the end of 2021 and plans to move into the six-story building in February or March. The company financed the flex-space company Industrious and data company VTS with investors from some of the largest real estate companies in the United States, the fifth wall has grown significantly during the pandemic, forcing the need for new office space.
The building, at the corner of Ninth Avenue and Little West 12th Street, also houses Lucid engines, who hung his space Last year with another place in Miami. Also known as 1 Little West 12th Street, 2 Ninth Avenue was once home to the expensive French and Mediterranean restaurant Bagatelle, famous for large flows of champagne on brunch.
JLL‘s Brett Harvey represented the owners, Capital dawn and William Gottlieb Real Estate, according to property records. The owners and Harvey did not immediately respond to requests for comment.
Current real estate advisers‘ Rob kluge and Thomas mahl represented the fifth wall in the case. The brokerage firm declined to comment on the deal.
Celia Young can be reached at [email protected].