Beacon Client Profile: GDS Development & Klövern AB Announce Topping Out of NYC Office Tower
Beacon Consulting Group has been providing independent construction loan monitoring services for a new office building construction project underway in the Chelsea neighborhood of Manhattan. In recent weeks, the project reached a significant milestone as the 12-story building's superstructure was topped out.
New York City-based GDS Development is building the Class A tower in partnership with Klövern AB, one of Sweden's largest real estate companies. The project is located at the northwest corner of 7th Ave. and 28th Street, just south of Penn Station and a short distance east from the High Line and Hudson Yards. The developers broke ground on the project in late 2019 and project completion is scheduled for the Summer of 2021. When completed, the building will include 105,000-sf of leasable space, including Class A office and retail space.
Beacon continues to provide independent, construction loan monitoring and monthly reporting for the project. Beacon has extensive experience providing construction monitoring services for banks, developers, Surety companies, owners, and other construction project stakeholders.