{"id":1004656979,"date":"2023-04-12T05:25:54","date_gmt":"2023-04-12T13:25:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004656979"},"modified":"2023-04-13T05:16:45","modified_gmt":"2023-04-13T13:16:45","slug":"iac-buys-manhattan-hq-land-for-80m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/iac-buys-manhattan-hq-land-for-80m\/","title":{"rendered":"IAC Buys Manhattan HQ Land for $80M"},"content":{"rendered":"
\"555<\/a>

555 W. 18th St. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

IAC Corp.<\/strong> has paid $80 million for the land under 555 W. 18th St., its 211,312-square-foot headquarters building in Manhattan. Institutional Property Advisors<\/strong>\u2019 Steven Siegel and Eric Michael Anton brokered the all-cash transaction.<\/p>\n

In 2004, the Resnicoff family leased the land for 77 years to The<\/strong> Georgetown Co<\/strong>., as reported by The Real Deal<\/em>. Georgetown later developed the site as the headquarters for the media conglomerate.<\/p>\n

\n

READ ALSO:<\/strong> Office Owners Face Financing Dilemma<\/a><\/p>\n

\n

The Class A office building came online in 2007. Frank Gehry<\/strong> served as the project\u2019s main architect, Turner Construction Co<\/strong>. as general contractor, DeSimone Consulting Engineers<\/strong> as structural engineer and STUDIOS Architecture<\/strong> as decorator.<\/p>\n

The 11-story building has a concrete reinforced construction, steel frame and glass fa\u00e7ade, also including energy-efficient features. Amenities include\u00a0more than 20 conference rooms, a wide lobby, outdoor terraces, spacious common areas on the ninth floor, controlled access and 70 underground parking spaces.<\/p>\n

The property is in the Chelsea neighborhood, on the northeast corner of Eleventh Avenue, in an area with several dining options, retail centers and entertainment venues.<\/p>\n

A strong office pipeline<\/h2>\n

Despite economic concerns, brought about by declining property values,<\/span> the prospect of higher interest rates and instability in the banking sector, Manhattan’s office market has seen constant construction activity since the beginning of the year. According to a recent CommercialEdge report<\/a>, the borough had nearly 9.3 million square feet of office space under construction as of February, second in the U.S. after Boston, a metro with 13.5 million square feet in the pipeline.<\/p>\n

Manhattan also ranked first in last year’s top 10 markets for office deliveries<\/a>. The market’s largest addition to the inventory, a $3.8 billion project<\/a> developed by Related Cos., Mitsui Fudosan America and Oxford Properties Group, came online 1 mile north of IAC’s headquarters.<\/p>\n","protected":false},"excerpt":{"rendered":"

The property was previously subject to a 77-year ground lease.<\/p>\n","protected":false},"author":3014,"featured_media":1004656981,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21747],"tags":[51006,44132,39155,33801,33850],"class_list":["post-1004656979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-desimone-consulting-engineers","tag-frank-gehry","tag-ipa","tag-studios-architecture","tag-turner-construction-company"],"acf":[],"yoast_head":"\nIAC Buys Manhattan HQ Land for $80M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Inter Active Corp. has paid $80 million for the land under 555 W. 18th St., its 211,312-square-foot headquarters building in Manhattan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/iac-buys-manhattan-hq-land-for-80m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IAC Buys Manhattan HQ Land for $80M\" \/>\n<meta property=\"og:description\" content=\"Inter Active Corp. has paid $80 million for the land under 555 W. 18th St., its 211,312-square-foot headquarters building in Manhattan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/iac-buys-manhattan-hq-land-for-80m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-12T13:25:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-13T13:16:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/555-West-18th-St-e1681295842857.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"630\" \/>\n\t<meta property=\"og:image:height\" content=\"472\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iac-buys-manhattan-hq-land-for-80m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/iac-buys-manhattan-hq-land-for-80m\/\",\"name\":\"IAC Buys Manhattan HQ Land for $80M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iac-buys-manhattan-hq-land-for-80m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iac-buys-manhattan-hq-land-for-80m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/555-West-18th-St-e1681295842857.jpg\",\"datePublished\":\"2023-04-12T13:25:54+00:00\",\"dateModified\":\"2023-04-13T13:16:45+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Inter Active Corp. has paid $80 million for the land under 555 W. 18th St., its 211,312-square-foot headquarters building in Manhattan.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iac-buys-manhattan-hq-land-for-80m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/iac-buys-manhattan-hq-land-for-80m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/iac-buys-manhattan-hq-land-for-80m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/555-West-18th-St-e1681295842857.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/555-West-18th-St-e1681295842857.jpg\",\"width\":630,\"height\":472,\"caption\":\"555 West 18th St. in Manhattan, designed by Frank Gehry. 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