Meatpackers put design team in the driver's seat

Real Estate Weekly, August 31, 2005

Calty Design Research, Inc. a division of Toyota Motors, Inc., has subleased 1,500 square feet on the fifth floor of 430 West 14th Street for Toyota's first-ever New York City design studio.

Michelle Stone, managing director of Sinvin Realty Corp. represented the tenant in the Meatpacking District deal. The sublandlord--BAB 14th Street, LLC- represented itself.

Financial terms of the five-year lease are not being disclosed, but BAB 14th Street had been asking $44 per square foot.

The sublandlord will provide a complete array of office services including electric, trash removal, cleaning, reception, and security. Calty will have access to the suite's conference facilities and the building's roof deck.

"These are highly unusual features for a commercial building in the Meatpacking District," says Stone. "Most are without attended lobbies or even passenger elevators, let alone receptionist service."