Jones Lang LaSalle
TRADING PLACES AT 'TWO'
By LOIS WEISS
April 19, 2006 -- PLANS for one of the key buildings at Ground Zero are starting to jell.
The 65-story tower, referred to as "building two," will have a 200 Greenwich Street address and is being designed by Lord Norman Foster.
Foster designed Hearst's "Crystal Cathedral" and is planning two towers for RFR Holdings - one at 610 Lexington and 53rd St. by the Seagram Building, and the other on the old Sotheby's building at 77th and Madison. You can be sure all the curtain walls will be creative and unique.
We already know the base of "two" will include 130,000 feet of street and underground retail connecting directly to Santiago Calatrava's PATH station just across the new Fulton St.
Responding to downtown market needs from the financial services sector, however, we've now learned that developer Larry Silverstein has Foster including "up to" five floors specifically designed for trading. These floors will be sandwiched between the retail and regular office space above, and will obviously rent for a premium.
"There's a trading floor shortage," advised one prominent broker who has seen the plans.
There is, however, a design impact dating back to the original and otherwise now totally altered Daniel Libeskind Master Plan. The "Wedge of Light" has torn a triangle from the side of the building.
Sure, Silverstein has gained back any lost rentable footage going upwards to capture all of the allowed 2.4 million square feet, but it does mean smaller floors for the retail and perhaps trading levels.
The regular office floors will work fine and run from 38,000 feet at the base to 35,000 feet at the top of the tower.
The major "Wedge" impact is on the retail, which under normal circumstances would be parallel to the curb, but will be set much further back to accommodate the basically non-existent "Wedge of Light."
Sources say Silverstein and Foster have resigned themselves to dealing with the awkward geometry. A spokesperson for Silverstein declined comment. "You are distorting the shape and the functionality based on politics," said the downtown broker. "Generations to come will ask, 'Why is this wall like this?" Indeed.
*
Internet marketing giant Digitas signed a renewal and major expansion at 345 Park Ave. South totaling 240,000 square feet.
At a mere 5.5 percent, Cushman & Wakefield's first-quarter statistics have the Midtown South vacancy rate as the lowest in the entire country.
Digitas, which already has half the building, was represented by Don Preate and Frank Coco and Jamie Katcher of Cushman & Wakefield.
Katcher recently won the Promising Young Broker of the Year Award from the Real Estate Board of NY. The RFR Holdings Building was repped in house by Richard Farley.
The brokers declined comment but we hear the tenant negotiated early. This way it could extend its time and capture the remaining space in the building over the life of its new, 15-year deal.
With over 55,000 feet expiring, American Lawyer Media would be one tenant seeking shelter in the next few years.
*
A pension fund for the International Alliance of Theatrical Stage Employees (IATSE) signed a 12-year lease for 40,000 feet at 417 Fifth Ave.
The paper intensive IATSE National Pension Fund will occupy the entire 3rd floor and a portion of the basement for its storage needs.
Its new digs are quadruple the size of its nearby current home at 55 W. 39th St.
Brian Weld of Colliers ABR, represented union's pension fund while Roxana Girandworked in-house for building owner, Murray Hill Properties.
*
The Rockwell Group designer expanded an additional 5,000 feet at its longtime home at 5-9 Union Square West and renewed its lease to now occupy 40,000 feet.
Matt Astrachan, Steven Bauer and Mitch Konsker of Cushman & Wakefield represented the firm lead by design maestro David Rockwell.
The building, owned by Newmark Holdings had an asking rent of $42 a foot and was represented by Eric Gural in-house. The tower is now 100 percent occupied.
lois.weiss@nypost.com
TRADING PLACES AT 'TWO'
By LOIS WEISS
April 19, 2006 -- PLANS for one of the key buildings at Ground Zero are starting to jell.
The 65-story tower, referred to as "building two," will have a 200 Greenwich Street address and is being designed by Lord Norman Foster.
Foster designed Hearst's "Crystal Cathedral" and is planning two towers for RFR Holdings - one at 610 Lexington and 53rd St. by the Seagram Building, and the other on the old Sotheby's building at 77th and Madison. You can be sure all the curtain walls will be creative and unique.
We already know the base of "two" will include 130,000 feet of street and underground retail connecting directly to Santiago Calatrava's PATH station just across the new Fulton St.
Responding to downtown market needs from the financial services sector, however, we've now learned that developer Larry Silverstein has Foster including "up to" five floors specifically designed for trading. These floors will be sandwiched between the retail and regular office space above, and will obviously rent for a premium.
"There's a trading floor shortage," advised one prominent broker who has seen the plans.
There is, however, a design impact dating back to the original and otherwise now totally altered Daniel Libeskind Master Plan. The "Wedge of Light" has torn a triangle from the side of the building.
Sure, Silverstein has gained back any lost rentable footage going upwards to capture all of the allowed 2.4 million square feet, but it does mean smaller floors for the retail and perhaps trading levels.
The regular office floors will work fine and run from 38,000 feet at the base to 35,000 feet at the top of the tower.
The major "Wedge" impact is on the retail, which under normal circumstances would be parallel to the curb, but will be set much further back to accommodate the basically non-existent "Wedge of Light."
Sources say Silverstein and Foster have resigned themselves to dealing with the awkward geometry. A spokesperson for Silverstein declined comment. "You are distorting the shape and the functionality based on politics," said the downtown broker. "Generations to come will ask, 'Why is this wall like this?" Indeed.
*
Internet marketing giant Digitas signed a renewal and major expansion at 345 Park Ave. South totaling 240,000 square feet.
At a mere 5.5 percent, Cushman & Wakefield's first-quarter statistics have the Midtown South vacancy rate as the lowest in the entire country.
Digitas, which already has half the building, was represented by Don Preate and Frank Coco and Jamie Katcher of Cushman & Wakefield.
Katcher recently won the Promising Young Broker of the Year Award from the Real Estate Board of NY. The RFR Holdings Building was repped in house by Richard Farley.
The brokers declined comment but we hear the tenant negotiated early. This way it could extend its time and capture the remaining space in the building over the life of its new, 15-year deal.
With over 55,000 feet expiring, American Lawyer Media would be one tenant seeking shelter in the next few years.
*
A pension fund for the International Alliance of Theatrical Stage Employees (IATSE) signed a 12-year lease for 40,000 feet at 417 Fifth Ave.
The paper intensive IATSE National Pension Fund will occupy the entire 3rd floor and a portion of the basement for its storage needs.
Its new digs are quadruple the size of its nearby current home at 55 W. 39th St.
Brian Weld of Colliers ABR, represented union's pension fund while Roxana Girandworked in-house for building owner, Murray Hill Properties.
*
The Rockwell Group designer expanded an additional 5,000 feet at its longtime home at 5-9 Union Square West and renewed its lease to now occupy 40,000 feet.
Matt Astrachan, Steven Bauer and Mitch Konsker of Cushman & Wakefield represented the firm lead by design maestro David Rockwell.
The building, owned by Newmark Holdings had an asking rent of $42 a foot and was represented by Eric Gural in-house. The tower is now 100 percent occupied.
lois.weiss@nypost.com
posted by Jones Lang LaSalle NJ News Blog at 4:50 PM
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