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Old May 4th, 2013, 03:32 AM   #1841
LouDagreat
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Are people seriously crying over the demolition of that slab of rock? LOL.
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Old May 4th, 2013, 03:33 AM   #1842
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Quote:
Originally Posted by tim1807 View Post
Thousand feet:
305 meters +
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Old May 4th, 2013, 05:16 AM   #1843
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I think he's referring to it mentioning 1,000 instead of 1,050 feet. I wouldn't worry, articles tend to use approximations.
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Old May 4th, 2013, 06:02 AM   #1844
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Correct.
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Old May 4th, 2013, 08:00 PM   #1845
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Quote:
Originally Posted by L.A.F.2. View Post
I think he's referring to it mentioning 1,000 instead of 1,050 feet. I wouldn't worry, articles tend to use approximations.
I hope that
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Old May 4th, 2013, 08:14 PM   #1846
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We would have known if there was another design change, so it will probably be 1050 ft.
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Old May 7th, 2013, 07:49 PM   #1847
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Catching Up With Hines


Quote:
Hines Senior Managing Director Tommy Craig has delicately balanced a busy year of development projects with an ambitious investment strategy.

Hines has been busy on the investment and development side over the past few months. After breaking ground at 7 Bryant Park in February, officials at the 56-year-old firm announced in March that they would put up for sale its properties at 499 Park Avenue and 425 Lexington, both part of the Hines Core Fund. Tommy Craig, senior managing director in Hines’s New York office, spoke with The Commercial Observer about the firm’s plans to sell these New York office assets and its development of 7 Bryant Park, cautioning: “There is no way that my words could substitute for the work we have done.”

The Commercial Observer: Hines recently announced plans to put its properties at 499 Park Avenue and 425 Lexington Avenue up for sale. Will the capital generated be redeployed into the New York market?

Mr. Craig: The firm is not that formulaic, but certainly within Hines, the opportunity in New York is perceived to be an excellent one. Certainly Hines today is both a development firm and an investment management firm, and I would say our capital relationships clearly have shown that they understand the value and liquidity of a gateway market, New York being foremost among them. We have major projects under way in all of those gateway markets. Some would say that is a build-a-core strategy, and we can build a core on a risk-adjusted basis.

Certainly I would say that, given our target yield at 7 Bryant Park, I would say, real-time, we would expect that plan to be validated. But of course, until there is a sale and until we have leased 7 Bryant Park, the test for that reality is at a different point in time.


425 Lexington was sold by Hines for $750 million. CTBUH

Where do you stand in the sales process?

We have seen strong interest. The first round of bids is due April 24, and I would be surprised if we didn’t select a firm or firms with a closing date in the summer, in the month of August. [This interview was conducted the week of April 15, more than a week before the due date. The tower's sale for $750 million was announced this morning.]

Was the decision to sell based at all on the 7 Bryant Park development?

They’re quite unrelated. The investors in the Hines Core Fund really are a distinct group of entities and they, of course, acquired these assets in 2003. They were looking at the significant appreciation since then, and those investors were participating in a commingled fund with other investors and were involved in core assets that we acquired rather than developed. They are very different than investors in a development.

They are unrelated but parallel activities. Both speak to New York as a strong market. We would tend to avoid selling assets unless we identified a strong market opportunity.

What was the motivation for developing 7 Bryant Park?

Pacolet Milliken has owned the site for over 50 years. Hines was selected by Milliken in April 2009 to move forward and create a development program. We were initially selected as a third-party development manager, and the family had identified the property as part of a larger strategy whereby they separated the industrial company from the real estate company. The partners then moved forward and began the demolition.

What’s extraordinary is we got selected at the very bottom of the real estate market and the very bottom of the financial market, and the family had enough of a long-term vision that the time to develop it at the bottom of the market. We got involved in April 2009, and in the summer of 2011 we mended our relationship so we were in a principal relationship and executed a ground lease in July to get definitive site control. We gave Milliken the opportunity to become a partner.

Approximately 12 months later, we completed financing with J.P. Morgan Asset Management. In that time, we made a fundamental judgment. Do we continue to try to prelease or move forward with a partner on the basis of speculative construction? At 7 Bryant Park, a large user is 250,000 square feet. Our judgment was that those users would respond strongest to a product when it was under way as opposed to putting the project where a major tenant controlled the timing and its fate.


7 Bryant Park (NYT)

Could you elaborate on some of the architectural details of the building?

This is architect Pei Cobb’s second commercial building in Manhattan. The prior one was 200 West Street, the Goldman Sachs building. To be clear, we think there are many things that differentiate the building. The opportunity to be a major tenant, the opportunity to, in many ways, identify through branding with the signage opportunities.

It has the kind of infrastructure you would associate with trading operations or higher-density occupancy. Obviously, those floors will look directly out on Bryant Park, and 100 percent of the users on those floors will have visual connectivity with each other. The nature of the space is very much in keeping with the evolving requirements of the modern workplace: collaboration and higher density.

The ceilings are 10 feet high. The module on the exterior wall is also 10 feet. There is more light and deeper penetration of that light.
There will be an outdoor terrace on the 10th floor as well as a rooftop penthouse with outdoor space. We really took the infrastructure and combined it with aspects of residential projects that had the most appeal, the role of daylight and outdoor space.

We also have plans for a restaurant on the ground floor. We think a high-end destination restaurant is going to be very appealing facing Bryant Park.

[...]

What is the status of the leasing process?

We are in active discussions with a number of prospects. We are hopeful, but that is all I can say. The product has been well received.

What is the timeline for construction and leasing?

We expect to get a certificate of occupancy in February of 2015, on budget. Most of this year will be dominated by work below grade, getting out of the hole and establishing the concrete core. We are expecting by year-end that the major trades, the work below grade, will be complete. The core will be well on its way, and by year-end we hope to start the structural steel erection. All the other trades, the installation of systems such as elevators, will follow shortly after. We have a very good sequence of work all through 2014.

What is your outlook for the New York market?


56 Leonard (Dezeen)

We have other projects in New York. Largely, we experience the world through the projects we are doing. At 56 Leonard, where we are the third-party developer, we have completed the contract, closed the loan and had an extraordinary level of sales activity, close to 50 percent. Obviously, we are very encouraged by high-end residential.

We are doing everything we can to finalize financing on the MoMa Tower so we can move that along as well. We expect high-end residential to continue to be a place we look for opportunity.



Tower Verre

New York is a favored market. You look at the favored few and New York is at the head of that. Right now, we are more focused on development than acquisition, but I would expect, given the performance of assets, we will want to diversify and do more.

---
The $750 million sale of 425 Lexington this morning may have secured Hines's Tower Verre development.
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Old May 7th, 2013, 08:00 PM   #1848
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I don't know about you guys, but every time a new supertall proposal for New York pops up, I feel betrayed. I can't shake this feeling that we got robbed.
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Old May 7th, 2013, 08:27 PM   #1849
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Quote:
Originally Posted by hunser View Post
I don't know about you guys, but every time a new supertall proposal for New York pops up, I feel betrayed. I can't shake this feeling that we got robbed.
Totally agree! This tower would have been amazing if approved for its intended height. Over 1,000 ft however, i will not complain. Lets just get this thing moving!
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Old May 7th, 2013, 10:44 PM   #1850
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Quote:
Originally Posted by hunser View Post
I don't know about you guys, but every time a new supertall proposal for New York pops up, I feel betrayed. I can't shake this feeling that we got robbed.
I wouldn't know why I should have the feeling of being robbed to be honest.
With 750M in hand, financing of this tower is much closer to reality.
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Old May 7th, 2013, 11:02 PM   #1851
Kanto
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A small question, Is the full budget for Tower Verre already known?
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Old May 7th, 2013, 11:05 PM   #1852
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Quote:
Originally Posted by Eric Offereins View Post
I wouldn't know why I should have the feeling of being robbed to be honest.
With 750M in hand, financing of this tower is much closer to reality.
We got robbed in the sense that the initial height (1250') got reduced. That decision was, as we all know, utterly ridiculous - and even more so nowadays where residential supertall towers are popping up all over the place.
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Old May 7th, 2013, 11:09 PM   #1853
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That height reduction was enforced upon the developer, so you can blame the government
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Old May 7th, 2013, 11:19 PM   #1854
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Quote:
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That height reduction was enforced upon the developer, so you can blame the government
I know, Amanda Burden, that b*tch from the CPC. She's a real burden.
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Old May 8th, 2013, 01:37 AM   #1855
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LOL, in Seoul they have a monkey mayor and in NYC there is a monkey Amanda
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Old May 8th, 2013, 03:01 AM   #1856
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Every time I see her, I get the chills. Her face looks so evil...
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Old May 8th, 2013, 02:14 PM   #1857
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I completely agree with you, she creeps the hell out of me
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Old May 8th, 2013, 10:49 PM   #1858
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Maybe you'll get over it when you're grown up.
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Old May 8th, 2013, 11:04 PM   #1859
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No chance the height of Tower Verre will be redone to its original planned height right?
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Old May 8th, 2013, 11:06 PM   #1860
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Unfortunately not
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