Terminal Warehouse
Update
07/26/21
$1.25 Billion Loan Secured for Historic Chelsea Warehouse Restoration
Developers, L&L Holding Company, and Columbia Property Trust have just closed the deal on a $1.25 billion construction loan for the restoration and office conversion of the Terminal Warehouse in West Chelsea, Manhattan. CBRE was able to arrange a financing syndicate that consists of Blackstone, KKR, Goldman Sachs, as well as Oaktree Capital Management, and Paramount Group.
The building's restoration and 6-story addition are being designed by COOKFOX Architects. The project will convert 500,000 square feet of storage space into office space and will add 75,000 sqft of retail and restaurant space inside the existing structure. A new courtyard will also be added, and it will contain multiple landscaped terraces in the center of the warehouse.
Restoration efforts will reveal the building's original wooden framework (which dates back to 1891), and a 670-foot long train tunnel on the first floor will become an integral component in the overall layout and design. The project is estimated to complete sometime in 2023.
