NEW YORK CITY-TPG Architecture is relocating from Park Avenue to the Garment District.
The firm is leasing 42,000 square feet at 132 West 31st St. between Sixth and Seventh avenues, according to Crain's New York Business. The company is taking the entire fourth floor and a portion of the fifth floor of the building known as 31 Penn Plaza. The lease term on the deal is 11 years.
"Candidly, midtown south neighborhoods like Park Avenue South, lower Fifth Avenue and Flatiron have gotten too pricey so we set out to do something that we believe is smart, " says Jim Phillips, the founder of TPG Architecture. "We went to midtown south 10 years ago and we flourished there. This deal was about finding the next hotspot." The firm is currently housed at 360 Park Ave. South. See story in Crain's New York Business.
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