The Factory
Creative and flexible loft office space for businesses.
| Date | Investors | Amount | Round |
|---|---|---|---|
N/A | Seed | ||
| Total Funding | 000k | ||
The Factory is a 1.1 million-square-foot commercial building in Long Island City, New York, offering creative loft-style office spaces. Originally built in 1926 as a furniture warehouse for Macy's, the 10-story building was redeveloped into a modern workspace.
In 2013, Atlas Capital Group, Invesco, and Square Mile Capital Management acquired the property and invested over $90 million in a historically sensitive renovation. This redevelopment preserved features like large floor plates, high ceilings, and original hardwood floors while upgrading infrastructure with new elevators and windows. In 2018, Partners Group purchased a stake in the building in a deal that valued the property at $400 million.
The business model centers on leasing flexible office space to a diverse range of tenants, including companies in technology, fashion, healthcare, and media. Notable tenants have included Macy's, Ralph Lauren, J. Crew, and Dentsply Sirona. The property also houses several New York City agencies. Revenue is generated through rent from its approximately 31 tenants. The Factory provides amenities such as a tenant lounge, food marketplace, gym, event spaces, and private roof decks. The building also serves as a hub for cultural and community events, collaborating with organizations like Long Island City Artists.
Keywords: commercial real estate, office space leasing, Long Island City property, creative lofts, building redevelopment, corporate tenants, asset management, New York real estate, office amenities, commercial property, historic renovation, Atlas Capital Group, Invesco, Square Mile Capital, Partners Group, tenant amenities, flexible workspace, multi-tenanted building, LIC office market, maker space
