Introduction to West Chelsea’s Terminal Warehouse
The historic Terminal Warehouse in West Chelsea has landed its first tenant, marking a significant milestone in the billion-dollar-plus redevelopment of the iconic landmark. Convene Hospitality Group has signed a 50,000 square-foot lease for a lavish, three-level event space, which will be branded under its own name.
The Mallory: A Premier Event Space
The Mallory, named after the 1890s-built landmark’s architect George Mallory, will be the 18th Manhattan location for Convene Hospitality Group. The venue will serve as a premier event space for galas and special occasions, as well as a conferencing space and lounge for tenants of the building’s huge office portion.
The Terminal Warehouse in West Chelsea began as a freight terminal in the 1890s. COOKFOX Architects/Alex Ferrec
Features and Amenities
The Mallory will boast space for 550 guests, including a reception lounge with a 25-foot bar, a grand event hall with 19-foot ceilings, special suites, and gallery space with movable walls. Convene Hospitality Group president/CEO Ryan Simonetti stated, "Large-scale social, cultural and experiential events are the city’s life force. Having spent the last sixteen years honing the operational prowess to run complex, hospitality-led venues, we’re elevating our offering to provide a premier destination to bring bespoke experiences to life."
Leasing and Development
The CHG signing comes at an important time for Terminal Warehouse, a joint venture of Columbia Property Trust, L&L Holding Company, and Cannon Hill Capital Partners. The property’s ambitious, adaptive-reuse transformation overseen by architectural firm COOKFOX included a six-story addition on top. Although the project cost wasn’t revealed, sources estimated it at $2 billion, including the $880 million purchase.
Marketing and Future Plans
Now, marketing of the rest of the space is under way in earnest. A 50,000 square-foot lease is nothing to sneer at, but still leaves the brooding brick structure between 11th and 12th avenues and West 27th and West 28th streets with 1.25 million square feet yet to be leased. A project spokesman said, "We are finalizing a series of agreements with a fitness provider and multiple food-and-beverage operators, which will round out a robust tenant amenity program. We are also in active discussions with large office space users and expect to benefit from the city’s shrinking inventory of big blocks of premium workspace."
A rendering of The Mallory’s dining room. Courtesy of Convene Hospitality Group
A rendering of The Mallory’s 25-foot bar. Courtesy of Convene Hospitality Group
Conclusion
The redevelopment of Terminal Warehouse is a significant example of the adaptive-reuse phenomenon that has brought 21st-century office use to structures a century or more old. The signing of Convene Hospitality Group as the first tenant marks an important milestone in the project’s success. As the city’s inventory of premium workspace continues to shrink, Terminal Warehouse is poised to become a premier destination for businesses and events.
FAQs
Q: What is the size of the lease signed by Convene Hospitality Group?
A: 50,000 square feet
Q: What is the name of the event space?
A: The Mallory
Q: Who is the architect of the original Terminal Warehouse building?
A: George Mallory
Q: What is the estimated cost of the redevelopment project?
A: $2 billion
Q: How many square feet of space is still available for lease?
A: 1.25 million square feet
