Pandemic Pitch: Essex Crossing Tries to Lease its Office Space

Posted on: October 22nd, 2020 at 5:04 am by

Photo: Wordsearch/Riverfilm

One of the crown jewels of the Essex Crossing mega project – namely, 350,000 square-feet of Class A commercial space – is also an Achilles Heel of sorts. And now, a first look.

The Commercial Observer spilled ink this week on the challenges of renting this office space during pandemic times, even referring to the Lower East Side as the dreaded “Midtown South” sector.

“The office market is a major challenge right now, there’s no question,” Matthew Weir, co-developer Taconic Partners’ senior vice president for commercial asset management, told the publication this week.

Essex Crossing boasts two towers with five floors of available commercial floor area in each. According to the reporting, space at 155 Delancey Street is expected to be move-in ready by the end of this year, with the other floors online sometime next spring. (It’s been rumored that Apple considered renting here.)

The developers are banking on features — planned pre-pandemic — that are now deemed valuable, including access to outdoor space and modern HVAC systems that individual tenants can control and can accommodate ultraviolet light.

Photo: Wordsearch/Riverfilm

But there is no doubt that attracting businesses here is an uphill battle. Coronavirus reset the playing field big time. Per the article:

And few companies are returning workers to their Manhattan offices (or workers are choosing not to come in). Estimates the past few weeks have pegged only about 12 to 15 percent of the borough’s office space in regular use on any given workday seven months into the pandemic.

Asking rents in the project are still up in the air.

Recent Stories

CBGB Shut Down 15 Years Ago on the Bowery

Fifteen years ago. This was the night – arguably – that the last breath of punk exhaled on the Bowery. When CBGB concluded its residence at 315 Bowery. And the block could not look any different today. The former venue became, and remains, the upscale John Varvatos boutique; while its old CB’s Gallery space is […]

MOSCOT Launches New Chromeo Collaboration with in-Store Performance

MOSCOT recently launched a new collaboration with popular electro-funk duo Chromeo. To celebrate, the eyewear company is hosting a live performance of the group at its Orchard Street flagship tonight. According to the press release, the new “luxurious capsule collection” features two limited edition frame styles co-designed by David “Dave 1” Macklovitch and Patrick “P-Thugg” […]

Charlie Bird Vet Eyes Division Street for ‘Parcelle Wine’ Spinoff

A veteran of Charlie Bird is spinning off the popular Hell’s Kitchen wine shop into a dedicated bar on the Lower East Side. Down on Division Street in the orbit of Forgtmenot, Dimes, and Kiki’s. Three-year-old Parcelle Wine, situated inside the Henry Hall apartment building near the Lincoln Tunnel, has plans for 135 Division. Specifically, to […]

New York Rangers Pop-up Honors Hockey Great Rod Gilbert with LES Pop-Up

The New York Rangers are headed to the Lower East Side to honor one of its legendary fallen players, Rod Gilbert. With support from the Hockey Hall of Fame, the Blueshirts are hosting a pop-up tribute to the forward at 2 Rivington Street. “As we drop everything for Hockey Week, we also want to lift […]

Muralist David Flores Tapped for New Bowery Wall Art

The drum roll is up. Next in line at the Bowery Mural Wall is here. Muralist David Flores today joins the long list of artists at the Goldman Properties marketing vehicle. He announced the upcoming job via Instagram, standing in front of a whitewashed canvas, noting that “paint hits the wall, art is born.” Painting is […]