Silverstein Properties later this morning will celebrate a ground breaking ceremony for the 82-story tower that will feature a 185-room Four Seasons hotel at 30 Park Place in Tribeca after an announcement last week that it had secured financing for the project.
The Tribeca building at Park Place and Church Street, slated to become Downtown’s Read More
Less than two weeks after a celebratory ribbon-cutting ceremony held to mark the official opening of 4 World Trade Center, the scene at the building was comparatively muted. Instead of welcoming tenants and checking in guests, security officers manned their posts as construction workers put the finishing touches on the building’s lobby.
That’s all about to change.
Within 12 months, the Port Authority of New York and New Jersey and New York City, the two tenants that have committed to space at tower, will complete their respective build-outs and commence moving in. Other tenants, it is hoped, won’t be far behind.
“The fact that [4 World Trade Center] is open brings another level of reality to the project,” said Adam Foster, senior vice present at CBRE, who is part of the leasing team at the Silverstein Properties-owned building. “It demystifies everything.”
The number of stalled construction sites in Manhattan dropped 26 percent over the last year, according to a New York Building Congress analysis of New York City Department of Buildings inspection records.
The number dropped from 122 in November 2012 to 90 in November of this year, while the citywide number dropped just 12 percent, Read More
2013 Owners Magazine
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
Masters of Real Estate
The Commercial Observer will host its annual Masters of Real Estate conference on October 16 at The Metropolitan Club, located at 1 East 60th Street. Beginning at 8am, the event will feature three panel discussions on the State of New York City Real Estate, the State of Opportunistic Investments and the State of the Capital Markets.
With more than 52 million visitors to the Big Apple in 2012, one thing seems certain: By all accounts, the hospitality industry is thriving in New York City. Hundreds of new hotels, with nearly 20,000 rooms, have joined the inventory over the past few years. Despite this, according to some industry leaders, there is reason to feel uneasy about the outlook for continued growth in this asset class.
The Weather Channel will be moving its New York office westward, The Commercial Observer has learned.
Previously located on the east side at 205 East 42nd Street, the Weather Channel will be moving to Silverstein Properties-owned 1177 Avenue of the Americas. Its new office, set to span the next 10 years, will take a 33,626-square-foot sixth floor in the million-square-foot building.
Silverstein Properties has secured financing for a 926-foot, 82-story Financial District tower at 30 Park Place that will house a Four Seasons hotel and condominium.
The Children’s Investment Fund Management provided financing for the $950 million project with a $660 million loan to Silverstein and the California State Teachers’ Retirement System (CalSTRS), a co-owner. 30 Park Place will be the tallest residential building in lower Manhattan.
The American Institute of Chemical Engineers has signed a long-term, 16,506-square-foot lease at Silverstein Properties’ 120 Wall Street, it was announced today.
“After a two-year search of both Midtown South and Downtown, which included inspections of over 50 properties, AIChE elected to relocate to 120 Wall Street, one of the few buildings to provide an incentive program for not-for-profits,” said Leon Manoff, vice chairman at Colliers International, who represented the tenant, in a prepared statement.
Last week, Stephen Ross, chairman of Related Companies, became the latest signatory of the Giving Pledge. The campaign, an effort to invite the world’s wealthiest individuals to pledge to donate half of their wealth—or more—to philanthropic causes, was started by two of America’s richest men: Warren Buffett and Bill Gates.
Mr. Ross, worth $4.4 billion according to Forbes, is perhaps best known in philanthropic circles for his $100 million donation to the business school at the University of Michigan, his alma mater.
The donation, the largest ever to an American business school, resulted in its renaming as the Stephen M. Ross School of Business. Inspired by Mr. Ross’s pledge, The Commercial Observer checked in on the philanthropic efforts of other real estate titans.
T he turnover of leadership at New York’s venerable real estate organizations has been staggering. Since September, Stephen Ross of Related Companies, Michael Fascitelli of Vornado Realty Trust, Mort Zuckerman of Boston Properties, Larry Silverstein of Silverstein Properties and Bruce Ratner of Forest City Ratner have all announced their resignations from their current roles.
While all will stay involved with their respective companies in one form or another, the changing of the guard in New York real estate has been in full swing.
Below, The Commercial Observer highlights each of these men—and their replacements—along with the one that started the recent trend, Douglas Durst.
Larry Silverstein, the affable face of Silverstein Properties and the man behind the redevelopment of the World Trade Center, is stepping down as CEO – the latest of a string of high-profile real estate CEOs to step down this year.
The co-chief executive at the firm, Mr. Silvertein’s heir apparent, Marty Burger, who joined in 2010 as executive vice president after 15 years with Related Companies, will succeed Mr. Silverstein, The Wall Street Journal reported. Mr. Silverstein will stay on as chairman.
“Marty is a terrific young guy, and his function is really going to be to grow the company,” the 81-year-old real estate icon, Mr. Silverstein, told the Journal.
The YMCA Retirement Fund signed a 15-year, 52,000-square-foot lease at Silverstein Properties‘ 120 Broadway, The Commercial Observer has learned.
Roger A. Silverstein and Joseph Artusa of Silverstein Properties represented the landlord. Robert D. Goodman of Colliers International represented the tenant. Asking rent was $38 per square foot.
The non-profit tenant will relocate to the full 19th floor of 120 Broadway from 48,000 square feet at 140 Broadway, which it leased in 1999 when Silverstein owned that property. Silverstein sold 140 Broadway in 2004.
Mortgage Observer Weekly has learned that a $310 million CMBS loan on 120 Broadway closed last week, likely at a rate in the mid-2 percent range. Wells Fargo originated the loan.
A previous CMBS loan on the building had an outstanding balance of $215 million. Originated back in May of 2006, it was set to mature in June 2013, according to data from Trepp.
Two months after Silverstein Properties announced the launch of Silver Suites Offices, the collaborative work space occupying 30,000 prebuilt square feet on the 46th floor of the 52-story 7 World Trade Center is 50 percent leased.
The milestone happened in a quarter of the time that Tal Kerret, a senior vice president at Silverstein, had expected. The popularity speaks to the growing appeal of an office model that lets upstart companies, many of them in the tech, media and public relations sectors, sign short-term leases—the minimum at Silver Suites is six months—as they grow and require increasingly large headquarters.
Abbreviated leases notwithstanding, Mr. Kerret told The Commercial Observer that Silver Suites is not “a revolving door,” but rather a “five-star, five-diamond service environment for young and growing companies.”