KPG Funds alleges it developed a new boutique office building known as Le Gallerie at 134 West 14th Street, but you’d have doubts after walking into the seven-story West Village property. Instead, you’d think you were actually inside a luxury condominium.
After all, how many employees can say their office space comes with a residential-style kitchen featuring an oven, Calacatta Gold marble, and a spa-quality bathroom with a big glass shower and vanity lighting? Not to mention the massive, multi-tiered rooftop lounge complete with barbecue grills, bars with running water, and conference and lounge areas, as well as televisions and internet service. And the view from this rooftop is well … chef’s kiss.
The firm completely redesigned the out-of-date exterior of the building, replacing the claustrophobic and sort of stumpy windows and brick facade with large, wide glass windows that allow for more natural light. Standing in the offices, looking out the windows and feeling the sun on your face would be welcome by any employee accustomed to working in a sterile and stuffy office.
Tenants will be treated to a touch of culture as well. The lobby will double as an art gallery, kicking off with a piece that KPG commissioned from Julian Opie, a British visual artist known for his minimalist style, hanging in the lobby.
KPG acquired the West 14th Street property in 2022 and is taking a different approach to the amenities it offers tenants, deciding to designate a corner of each floor to create a workout area where a cardio machine or Pilates reformer could fit, rather than sacrificing an entire floor to build a gym. Of course, it doesn’t have to be a workout area. Tenants can designate that corner as whatever they’d like; perhaps a meditation room is in order.
“There is a difference between having a nice space and a really luxurious, top-tier space,” said Rod Kritsberg, co-founder and chief investment officer for KPG. “The type of tenant that can afford to pay for a luxury space expects luxury amenities inside that space.”
And those amenities come at a price. Asking rent for the office spaces will range from $90 to $130 per square foot, and there is almost 6,000 square feet of ground-floor retail space currently being renovated. KPG hasn’t yet announced if it has signed any tenants.
The other thing KPG took into account when developing Le Gallerie is the evolution of the way people work, and the change in people’s relationships to their jobs. The COVID-19 pandemic showed people that a physical office space isn’t absolutely necessary to get certain jobs done. But with corporate employers preferring a return to the office in some capacity, they are going to need to provide a space that makes their employees excited about visiting.
“What I noticed post-pandemic is if you want your employees to come to work every day, you have to deliver a space they want to come to,” Kritsberg said. “Most of the employees who dominate our buildings are younger people — so under 35 years old — and, when they walk into a space like this, nine times out of 10, it’s much nicer than where they live. So they’re happy to be here.”
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.