Milstein, Grand Central Tech Partner on Tech Campus Transformation
Construction has already started on the property transformation being designed by SHoP Architects. Company is earmarking a total of 250,000 square feet of space to the startup market niche.
NEW YORK CITY—Milstein Properties is partnering with Grand Central Tech on reimagining 335 Madison Ave. into a 1.1-million-square-foot technology campus.
The initiative and the building itself is being rebranded as “Company” and will involve a $150-million investment by Milstein to reimagine the existing office space to attract both technology startups and global firms to the property. Matthew Harrigan, the co-founder and managing director of Grand Central Tech, is the co-founder and CEO of Company. Michael Milstein, partner at Milstein Properties, is the co-founder and executive chairman of Company. He is also a co-founder and serves as the chairman of Grand Central Tech.
Company officials say that when the project is completed, the Company building will be New York City’s first vertical multi-tenant tech campus.
Construction has already started on the property transformation being designed by SHoP Architects. Company is earmarking a total of 250,000 square feet of space to the startup market niche.
Company currently boasts more than 100 tech tenants. Milstein officials state that 700,00 square feet will be set aside for global enterprises (private office space) and 150,000 square feet will feature retail space and amenities.
The building will feature multiple dining venues, a bar, several event spaces, a two-story glass enclosed library, a fully equipped fitness center with a pool, a creative studio, and a terrace with views of Grand Central Station.
The construction timeline calls for the completion of work on the property’s office space in August of this year, and a planned perch and terrace in October and a renovated lobby and bars in January 2019. Construction on retail cooperative space and wellness centers is scheduled to begin in January 2019 and be completed by September 2019.
Company is targeting a total of 10 to 30 enterprise companies and between 150 to 200 startup companies. The redevelopment of 335 Madison Ave. is ramping up Millstein’s previously announced plan to invest $100 million in the property last year and cater a portion of the property’s space to startups.