Midtown's Former Biltmore Hotel To Become Tech Hub: Report

MIDTOWN MANHATTAN, NY — Midtown Manhattan is New York City's busiest office district, but it hasn't seen much success in luring companies from the tech world. One entrepreneur wants to change that.

Matt Harrigan the co-founder of "Company" is partnering with Millstein Properties to transform the former Biltmore Hotel on Madison Avenue between East 43rd and 44th streets into one of Midtown's biggest tech hubs, Bloomberg first reported. Harrigan hopes that the renovated Biltmore building, in addition to rising commercial rents in tech-heavy areas such as Chelsea, will draw startups to the neighborhood, according to the report.

Once renovated, the tech hub plans to allocate 700,000 square feet to corporate offices, 250,000 square feet to startup offices and 150,000 square feet to retail and amenity space, according to Company's website. Amenities in the office building will include a coffee shop, fast-casual dining, a bar, a terrace and a fitness center.

"By putting hospitality first, The Company Building is much more than just a place to work. It’s a destination," the website reads.

Millstein Properties will contribute more than $100 million to renovate the building, Bloomberg reported. The real estate firm converted the Biltmore building from a hotel to an office complex called the Bank of America Plaza in the 1980s.

Read the full Bloomberg report here.

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