SOURCE: Jamestown Properties

Jamestown Properties

October 16, 2013 16:00 ET

Jamestown Properties Announces the Repositioning of The Falchi Building in LIC Is Underway

NEW YORK, NY--(Marketwired - Oct 16, 2013) - Jamestown announces today the multi-million dollar repositioning of The Falchi Building in LIC, a 657,660-square-foot, mixed-use office building acquired by the company in 2012. Construction commenced in September to implement a significant capital improvement program to include façade and lobby renovations, along with other upgrades including new furniture, art installations and the introduction of new food purveyors to provide unrivaled amenities for tenants, surrounding offices and institutions in the area.

"LIC is a hotbed for the arts and tech industries. With the uptick in residential development, and increased visitors to places like the LIC Flea, MoMA PS1 and NYC Spaceworks Queens, the neighborhood around Court Square now has an inherent need for retail and office space," said Michael Phillips, COO of Jamestown. "Falchi will set the standard for innovative growth in the area and cater to the needs of future tenants while maintaining a creative and dynamic work environment in close proximity to Midtown."

The Falchi Building is home to a diverse roster of companies in industries that are creating the most demand for office space today -- tech, engineering, manufacturing, government and other creative and industrial agencies. Tenants include The United Nations, Tourneau, Swiss Post Solutions, and Altamarea Group. In addition to office tenants, new food vendors like L'Arte Del Gelato, and Artisanal Cheese are creating a more consumer-facing environment for both tenants and the community at large to enjoy.

Located just a short walk over the railroad tracks from Court Square, The Falchi Building occupies a full city block at the epicenter of robust development in LIC. The building features 140,000-square-foot floor plates, a private attended indoor parking lot, 24/7 on-site security and video surveillance systems. Other features include new tenant-controlled HVAC systems, heavy floor loads, 24/7 freight elevators and large interior loading docks with staging areas.

Built in 1920, the building was the main warehouse and distribution facility for the famed Gimbels department store. In the late 1980s, it was converted into a multi-tenant asset with Carlos Falchi, the handbag manufacturer, as one of the building's first occupants. Today,
Falchi offers flexible layouts for a variety of uses including retail, office, warehouse, showroom, research and development. Jamestown is applying its food-focused place-making experience to Falchi's ground floor concourse, making it a gathering place for building tenants and the surrounding neighborhood.

Cushman & Wakefield, in conjunction with JRT Realty Group, are the exclusive leasing brokerages for The Falchi Building.

About Jamestown:
Founded in 1983 with headquarters in Atlanta, Ga. and Cologne, Germany and offices in Boston, Ma., New York City, San Francisco, Ca. and Washington, D.C., Jamestown is a leader in acquisitions and value added management. Over 30 years, Jamestown has generated approximately $8 billion in strategic investments. The company is focused across the risk spectrum with core, core-plus and opportunistic funds in two primary markets: 24-hour cities and Sunbelt markets with strong demographic growth. For more information, visit www.jamestownlp.com.

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