Studios Architecture | Tribeca Investment Group

With office market demand now down in the dumps, and projections showing that most workers will continue to split work hours between home and office post-pandemic, developers are under pressure to reinvent their buildings in ways that will lure (and retain) what's sure to be a modest pool of tenants in the years to come.

In the queue for a major revamp is the historic Textile Building at 295 Fifth Avenue in Midtown South.

Tribeca Investment Group, PGIM Real Estate, and Meadows Partners announced this week that they would be undertaking a $350 million redevelopment of the building.

Studios Architecture | Tribeca Investment Group

The scope of work will see the building's elevators, windows, and HVAC systems updated; a new ground-floor courtyard; a slew of health and wellness-centric amenities; several new terraces; and, most notably, the addition of a 34,000-square-foot, two-story penthouse with a wrap-around balcony designed by Studios Architecture.

Lobby interiors will also be updated with well-being mind. New spaces designed by Studio MAI include a cafe, library, and access to the work-ready ground-floor courtyard — not to mention a surplus of plants.

Studios Architecture | Tribeca Investment Group

In sum, the areas would be alternatives to both the typical cubicle or enclosed open floor plans making up most Manhattan office towers, offering instead flexible, well-ventilated workspaces both inside and en plein air. 

The developers expect that the building will be ready for tenant improvements by the first quarter of 2022 and move-ins will begin the third quarter. CBRE is marketing the 700,000 square feet of space with asking rents running from $95 a square foot at the base to $135 a square foot in the penthouse.

Tribeca Investment Group, PGIM Real Estate, and Meadows Partners bought a 99-year leasehold in 2019 for $375 million, according to The Post. The figure puts their total investment in the Textile Building at $725 million.