In 2009 and 2010 “you could have rolled a bowling ball down the aisle” at the International Council of Shopping Centers’ RECon conference “and it wouldn’t have hit anybody,” Massey Knakal executive vice president of retail leasing Benjamin Fox told The Commercial Observer.
But when an estimated 33,000 real estate professionals converged upon one million Read More
One World Trade Center
The final two sections of One World Trade Center‘s 408-foot, 758-ton spire where bolted into place yesterday morning, maxing the building’s height out at 1,776 feet and making it the tallest in the Western Hemisphere, according to the Port Authority.
The spire will double as a state-of-the-art broadcast facility that will provide transmission services for the Read More
One World Trade Center
One World Trade Center will not be the tallest building in the Western Hemisphere – at least not today.
The scheduled Monday morning delivery of the final two sections of the building’s 408-foot, 800-ton spire was cancelled due to heavy winds.
The two stainless steel sections, comprising the 17th and 18th pieces of the spire, will bring the building to 1,776 feet, at which point it will supercede Chicago’s Willis Tower as the tallest building in the Western Hemisphere.
Accounting firm EisnerAmper has signed a lease renewal and expansion at 750 Third Avenue, The Commercial Observer has learned.
The eight-year lease solidified the firm’s existing 138,000 square feet across floors 13 through 17 and 21, while adding 12,000 square feet on the 22nd floor.
“They have a dynamic, growing practice,” said Newmark Grubb Knight Frank Vice Chairman Mark Weiss, who represented the tenant with Rob Eisenberg and Robert Emden.
“It’s a good building, near Grand Central and with great functionality – and the landlord has been very reliable,” he added, referring to SL Green Realty Corp.
When terrorists detonated a monster bomb in the underground parking garage at the World Trade Center’s North Tower on February 26, 1993, it shook the city with seismic strength.
Six people died and 1,042 were injured in the bombing. But it came before the widespread understanding, blunt as it was, that terrorists wanted to kill Read More
Industry veteran John Ryan III is the latest hire in Canadian real estate firm Avison Young’s mission to expand its footprint across New York City and the United States.
As Principal of the firm’s New York City office, Mr. Ryan will harness his 23 years of experience in tenant and landlord representation, providing brokerage services for key clients.
“I am thrilled by the opportunity to join Avison Young,” Mr. Ryan said, in a prepared statement. “The positive trajectory of Avison Young’s growth nationally, as well as in the New York City market, where the firm has established a high-quality reputation in a relatively short period of time, has been very exciting to watch.”
Condé Nast and Interpublic Group were the gifts to New York that kept on giving, as the former added 138,773 square feet to the 1 million it inked last year at One World Trade Center and the latter blazed through a series of deals throughout the year, beginning with a whopping 220,359-square-foot transaction in October and ending with a smaller one last month.
In all, the city’s 10 biggest office leasing transaction were modest compared to 2011, when deals by Nomura Holding and Coach reached nearly 2 million square feet alone.
Still, a wave of transactions from a variety of business sectors—from government and education to legal, financial services and media—proved that, even during economic doldrums, bold can be beautiful.
After the jump, the 10 biggest office deals of 2012.
Editor’s Note: Renewals were not included in this list, nor were deals completed after Dec. 18, the date the final tally was published.
The Year in Review
The five-year saga involving the General Services Administration and 1 World Trade Center reflects both intractable Washington gridlock and the lurching progress at the building formerly known as the Freedom Tower.
When the GSA , an independent government agency in charge of supplying and managing federal offices, secured a 270,000-square-foot lease at 1 World Trade Center, it pushed the still-rising landmark above 50 percent occupancy.
But along the way there was a dramatic scaling back of lease terms, an angry congressman and a Las Vegas spending spree that nearly torpedoed the transaction.
After the jump, an illustrated guide to the biggest deal of the year.
2012 Owners Magazine
As a pair of 26-foot steel beams were hoisted high above Manhattan on April 30, the crowd below spoke of resilience, hope and remembrance.
One World Trade Center had just hit a height of 1,271 feet, making it the city’s tallest building. Port Authority Executive Director Pat Foye said in a press conference that the building will “anchor Lower Manhattan and its rebirth for many generations to come.”
But tourists and tristate residents aren’t the only ones noticing the change in the city skyline. A number of commercial property owners are looking to the tower and other developments as a hopeful bellwether for the future, despite what most analysts still describe as a stagnant market.
The numbers speak for themselves. Real estate brokers leased 12.9 million square feet through July 31, 2012, a 28 percent drop from the 17.9 million square feet inked during the same period in 2011, according to a CBRE report. Vacancy sat at 7.5 percent, no change from a year earlier.
» When it opened in 1971, the World Trade Center towers shared a single exclusive ZIP code, 10048. But when it is completed next year, the 104-story 1 World Trade Center building will be relegated to 10007, a zip code that includes dozens of other less notable buildings in its fold. But the World Trade Center isn’t New York City’s only building to have claimed a vanity ZIP code. Since the ZIP—or Zoning Improvement Plan—was instated by the United States Postal Code in 1963 in order to map out a more efficient delivery network, 43 Manhattan buildings—and their owners, of course—have earned codes exclusive to their address, either because of their great size or the number of people who occupy them. After the jump, a comprehensive list of Manhattan’s 43 buildings with exclusive ZIP codes and some of the vital statistics that helped earn each building bragging rights, along with illustrations by Brian Taylor.
A day after President Barack Obama called for putting construction workers—hit hard in the economic crisis—back to work in a speech at the National Urban League, the New York Building Congress released grim data for local firms specializing in ground-up construction.
The NYBC analyzed McGraw-Hill Construction Dodge data and found that office construction starts in New York City were down 30 percent in 2011 compared to the year previous. In 2010 those starts hit $2.6 billion, but in 2011 only $1.8 billion in new office construction projects got going.
Chadbourne & Parke LLP is going forward with a deal to move its headquarters to 1301 Avenue of the Americas, several sources have told The Commercial Observer.
The law firm had been shopping around the Manhattan market for months in search of a new home, coming close to leases at One World Trade Center and 230 Park Avenue only to pull away and resume its search.
One World Trade Center
The U.S. General Services Administration has signed a 20-year lease for six floor and 270,000 square feet at One World Trade Center, the Port Authority of New York and New Jersey announced this morning.
The GSA, which oversees and manages U.S. Government offices, now joins Condé Nast and Vantone China as tenants in what is expected to be “the tallest building in the Western Hemisphere” once it finishes construction and begins occupancy by 2014. Condé Nast is committed to 1.2 million square feet and Vantone China has leased 190,000 square feet in the building already.
Media conglomerate Viacom is in talks to renew its lease at its current headquarters, 1515 Broadway, where it has approximately 1.3 million square feet of space, sources revealed to The Commercial Observer.
Just weeks into the second quarter, brokers are already saying that caution continues to linger in the city’s leasing market.
After one of the slowest quarter in years during the first three months of the year, a number of large transactions that have been
rumored to be in talks for months remain in negotiations and big tenants who do have to lease space have made decisions that reflect a
sense of conservatism.