KPG Funds Enters into Ground Lease to Develop 57,000 SF Office Building in Manhattan

NEW YORK CITY — Private equity firm KPG Funds has entered into a 99-year ground lease with The Salvation Army to develop Le Gallerie, a 57,000-square-foot office building at 132 W. 14th St. in Manhattan’s Greenwich Village. Construction is underway and scheduled for a January 2022 completion. James Nelson, Charles Kingsley, Erik Edeen and Alexandra Marolda of Avison Young, along with Andreas Metzger from The Corcoran Group, represented The Salvation Army in the lease negotiations.