Cove Property Group to Lead Repositioning of Class A Office Building; Space to be Serviced by Convene
NEW YORK – Oct. 4, 2017: Cove Property Group, a privately-held owner and operator of commercial real estate, and Bentall Kennedy, a global real estate investment advisor, are nearing completion for the full-building transformation of 101 Greenwich Street (formerly 2 Rector Street), a Class A, 26-story, 480,000 square foot office building in downtown Manhattan. The redevelopment of 101 Greenwich addresses renewed demand for tenancy in Lower Manhattan, drawing on improved transit connections, exciting new retail, dining, and cultural offerings in New York’s oldest neighborhood. Upon completion of the redevelopment, Convene, a leader in workplace hospitality, will be the first confirmed tenant in the repositioned building, occupying 58,000 square feet across three floors.
With a next-generation hospitality approach, Convene will design and manage a suite of amenities and hospitality services at the building, including on-demand meeting and event space, flexible-term workspace, a microbrew coffee shop, curated in-building programming to foster community among tenants in the building, and vertically-delivered food and beverage services. A first-of-its-kind smart building mobile app will seamlessly connect tenants to these services and amenities.
In addition to the amenities provided by Convene, the building will feature upgraded features such as a new secured lobby, destination dispatch elevators, modern restroom facilities, and state-of-the-art building systems. The property’s floor plates boast six sides of light and air, while offering brand new pre-built suites ranging from 3,100 to 6,600 square feet and full floors of 19,000 square feet. Through Convene, the building will offer a select amount of flexible-term workspace options ranging from several months to several years, bringing a new level of service, flexibility, and agility in lease terms to prospective tenants.
“The launch of 101 Greenwich is a culmination of significant investment not only in the necessary capital upgrades, but also in the research and foresight into the elements of the modern workplace that help companies attract and retain world-class talent,” said Kevin Hoo, Managing Partner, Cove Property Group. “Cove and Bentall Kennedy have shifted focus from providing a workplace to providing a quality of life, and we are thrilled to partner with an industry leader like Convene to realize this vision for 101 Greenwich.”
“The workplace of the future is about choice, flexibility, and experience,” said Ryan Simonetti, CEO and Co-Founder of Convene. “Today’s top talent is requiring office environments that motivate and inspire them, and what talent wants, is what tenants need, is what landlords must build. We are thrilled to partner with Cove Property Group to anchor 101 Greenwich, the first ‘lifestyle’ commercial office building focused on delivering a workplace experience powered by the next generation of hospitality, technology, and amenities in lower Manhattan.”
101 Greenwich is well-positioned to serve fast-growing companies across a variety of industries seeking to attract, retain, and engage top talent in the fastest-growing commercial, retail, and residential neighborhood in New York City.
For leasing inquiries, please contact: Mitchell Konsker, Scott Cahaly, Clayton Kline, & Kyle Young of Jones Lang LaSalle.
Convene (www.convene.com) changes the way the world works by transforming the way businesses work. By partnering with the largest landlords in commercial real estate, Convene designs and services the next generation office building – one that feels more like a full-service, lifestyle hotel. Convene’s integrated “workplace-as-a-service” platform gives building tenants and enterprise clients access to a growing network of premium meeting and event spaces, flexible workspaces, hospitality services, and curated experiences for users, all connected by Convene’s proprietary technology platform. Founded in 2009, Convene has locations in New York City, Boston, Philadelphia, and Washington, D.C., with plans to expand globally. The company has been named one of America’s 100 Most Promising Companies by Forbes, one of America’s fastest growing companies by Inc. Magazine, and the #11 Best Workplace in New York by Fortune Magazine.
About Cove Property Group
Cove (www.covepg.com) is a New York City-based, owner, developer and operator of institutional grade commercial real estate assets. Cove’s team has a combined 50 years of direct property acquisition, development, ownership and asset management expertise, which integrates seamlessly with an entrepreneurial, yet significant equity partner to form a well-capitalized real estate operating platform with deep experience. The company prides itself on its ability to execute a true ‘cradle-to-grave’ strategy with respect to real estate ownership and operation.
About Bentall Kennedy
Bentall Kennedy, a Sun Life Investment Management company, is one of the largest global real estate investment advisors and one of North America’s foremost providers of real estate services. Bentall Kennedy serves the interests of more than 550 institutional clients with expertise in office, retail, industrial and multi-residential assets throughout Canada and the U.S. Bentall Kennedy’s Investment Management group has approximately $46 billion (CAD)/$36 billion (USD) of assets under management (as of June 30, 2017). Bentall Kennedy is one of the largest real estate services providers in Canada, managing 58 million square feet on behalf of third-party and investment management clients (as of June 30, 2017). Bentall Kennedy is a member of UN PRI and a recognized Responsible Property Investing leader ranked among the top firms around the globe in the Global Real Estate Sustainability Benchmark (GRESB) for the sixth consecutive year since GRESB was launched.
Bentall Kennedy includes Bentall Kennedy (Canada) Limited Partnership, Bentall Kennedy (U.S.) Limited Partnership and the real estate and commercial mortgage investment groups of certain of their affiliates, all of which comprise a team of real estate professionals spanning multiple legal entities. The assets under management shown above include real estate equity and mortgage investments of the companies within Bentall Kennedy.
For more information, visit www.bentalkennedy.com.
Corporate Communications Manager, Convene