Equinox, Convene Ink First Terminal Warehouse Leases

6 October 2025

L&L Holding Company and Columbia Property Trust have landed two large retail tenants at their Terminal Warehouse office and retail redevelopment in West Chelsea.

Equinox inked a 50,000-square-foot long-term lease across the lower three floors of the full-block development at 261 11th Avenue, The Real Deal has learned. The asking rent and lease length are unknown.

Meanwhile, Convene Hospitality Group inked a 50,000-square-foot lease across the same three floors in a different section of the historic building, where it will open an event space called The Mallory. The name is a nod to the original architect of the 1890s building, George Mallory, the company said in a press release.

Office tenants will have access to the lounge and conference center, which are slated to open next year. The Convene deal was first reported by the New York Post.

Equinox and Convene are the first new retail tenants since the $1.8 billion transformation of the late-19th-century 1.3-million-square-foot landmark warehouse into offices, retail space, food and beverage areas as well as other indoor and outdoor amenities. Both will be accessible from the building’s 700-foot tunnel, which was originally used by freight trains shuttling goods between the Hudson River and the railroad system.

The building, which is nearing completion, will have 12 floors of office space around a central courtyard.

Newmark’s Jeff Roseman represented Equinox. CBRE’s Rocco Laginestra represented Convene. A Cushman & Wakefield team including Alan Schmerzler, Catherine Merck and Sean Moran represented the landlord in both deals.

A representative for the landlord declined to comment on the Equinox lease. Equinox did not respond to requests for comment.

L&L and Normandy Real Estate Partners purchased the building for $880 million in 2018. Columbia entered the picture when it acquired Normandy in 2019. Two years later, the developers secured a $1.25 billion construction loan, among the largest real estate loans made during the pandemic.

Despite finding themselves in an unprecedented market due to Covid, the developers plowed ahead with the redevelopment, aiming to bring more than 1 million square feet of office space online in a few years.

Their bet could pay off. The tides have begun turning for the Manhattan office market. After finishing last year on a high note, office leasing volume surpassed 30 million square feet for the year in the third quarter, blowing past pre-Covid levels and marking the strongest period of year-to-date demand since 2002, according to Colliers.