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Old April 28th, 2011, 04:33 PM   #161
Ajaypp
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The NYC office market is one of the select metro sub-markets that are showing strong revival, the others being DC, Boston and San Francisco. Rents have stabilized and are now on the upswing, with significant absorption in the last few months according to market swings.

That said, I worry a little about the sheer volume of supply coming on line with the WTC, Atlantic Yards, Hudson Yards and this one. The bright side is that they will be phased out across a number of years plus there is a trend for firms to move to larger, better designed office space from legacy buildings.

Anyways, it's great to see this Brookfield project moving again. Air-rights projects are always extra fascinating!
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Old April 29th, 2011, 12:14 AM   #162
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http://online.wsj.com/article/SB1000...ons_realestate
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Old May 5th, 2011, 01:24 PM   #163
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This was Curbed's take on Brookfield's optimism:

Curbed

Quote:
Hudson Yards Competitor Plans to Break Ground This Year
Wednesday, April 27, 2011, by Joey Arak



Because one Far West Side office complex built on a platform over some train tracks is never enough, developer Brookfield Properties is getting serious about bringing back Manhattan West. Originally envisioned as two glassy skyscrapers that look ready to belly bop, Manhattan West—between 31st and 33rd Streets and Ninth and Dyer Avenues—was overshadowed by Hudson Yards next door and then derailed by the credit crunch. Brookfield told the WSJ that the company is moving forward with the project, and now the Times has more details:

"The developer spent the last several years studying the engineering of a deck over the rail yards on the site, and says it has found a way to build it cheaper and quicker. It will start construction later this year, with plans to deliver a two-million-square-foot office tower designed by Skidmore, Owings & Merrill on the northeast corner of the parcel by 2015. There are plans to eventually construct as many as three towers."

Might we see construction kicking off on two huge commercial real estate projects in the same neighborhood with zero tenants lined up? It's a good time to be in the market for a million square feet! Maybe Sterling Cooper Draper Pryce is ready to expand?

[...]
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Old May 5th, 2011, 08:47 PM   #164
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Well that sounds like good news. I love their description of the towers
"two glassy skyscrapers that look ready to belly bop"
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Old May 6th, 2011, 03:43 AM   #165
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This is great!
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Old May 21st, 2011, 12:18 PM   #166
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plans for 3 towers? whats the third one?
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Old May 22nd, 2011, 06:05 AM   #167
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And where would it go?
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Old May 22nd, 2011, 12:10 PM   #168
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The plot has enough room for two.
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Old May 23rd, 2011, 12:43 AM   #169
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I just hope they won't touch that belly bop design..
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Old August 27th, 2011, 01:17 AM   #170
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http://www.nytimes.com/2011/08/28/re...ref=realestate

Square Feet
The 30-Minute Interview: Ric Clark
Published: August 26, 2011

Mr. Clark, 53, is the chief executive of Brookfield Office Properties, a real estate investment trust that owns and operates roughly 18 million square feet of office space in the New York area, including the World Financial Center buildings downtown. Work on its newest development, Manhattan West, near the Hudson Yards, is set to begin early next year.

Enlarge This Image

Earl Wilson/The New York Times
Interview conducted and condensed by

VIVIAN MARINO

Q What’s your assessment of the New York office market?

A New York is doing just fine. It’s recovered a greater amount of the lost jobs than any other place in America. This is where people want to work, live and play. And backing that up is all the foreign capital looking to invest here, but it is frustrating because they cannot find things to buy.

Q How is Brookfield’s business?

A It’s actually very good. We had a big first quarter from a leasing standpoint. We’ve leased 4.4 million square feet, and we have 7 to 8 million square feet of leases at a level of serious negotiation. Some of these things, due to time, could slip over to the next year. But we could lease 10 to 11 million square feet this year — our best year ever. The next best year was about 8.4 million feet, in 2007.

Q How much in New York?

A Probably 20 to 25 percent.

Q Besides a stable job market, what else has helped bolster leasing activity?

A Part of it is pent-up demand. Another part of it is corporations looking to consolidate operations into single buildings. We cater to large, sophisticated users.

Within our portfolio the average is, ballpark, 350,000 square feet. We also have tenants as large as 4 million square feet in a single lease.

Q Who is your largest tenant?

A At the moment it’s Bank of America. They’re leasing 2 and 4 World Financial Center, and they’re also a tenant in a building in Canada and in other places.

Q Speaking of the World Financial Centers, you have a major renovation planned there.

A We’re starting it in October — $200 million of it is directed toward the retail and common areas. We’ve got great plans, including a dining terrace and a food market and dry goods retailers. But also we’re spending a lot of money to bring them back up to modern-day standards and to kind of refresh their look.

Q How will the rebuilding at the World Trade Center site affect those buildings?

A The World Financial Center was sort of an inward-facing project when it was built. The World Trade Center had created a bit of a barrier. The new plan brings in the streetscape, and more or less incorporates the World Financial Center into the fabric of Lower Manhattan.

What’s going on in Lower Manhattan is fantastic — just by the incoming space inquiries we’re getting.

Q Is this why you recently decided to move to TriBeCa?

A I’ve been working downtown for close to 20 years, and have always loved it and watched its evolution. And with all this money spent on infrastructure and transit, it really is going to be a fantastic place to live.

I have two teenage daughters living with me in the city, so it’s been a fun, interesting summer just exploring the city with them.

Q You also like Midtown West, or rather, Brookfield does.

A We’re involved in what we think are the two most important neighborhoods in New York City. The West Side of Manhattan is sort of a minicity within the city, and also about to experience very explosive growth.

Q What’s the status of the Manhattan West project near Hudson Yards?

A We’re launching our deck in January, and expect our first tower, which could be the North or South Tower, depending on tenant demand, will be ready for tenants to take occupancy in late 2015. A lot of it is going to depend on tenant demand, but at its earliest it all could be done by 2017.

Q Tell me about the project.

A There are four structures on our site. Along Ninth Avenue there will be two roughly 2 million-square-foot buildings. On the southwest part of the site, we’ll have another building of about a million square feet, which could be office, residential, or have a retail component. And there’s a fourth, smaller building, which will be retail or office.


Q Are you at all concerned about Related’s Hudson Yards project?

A Not at all. I think we complement each other, but frankly our project will have a direct connection to the Moynihan train station, which would be connected to Penn Station. Our project being directly accessible to what is the most heavily trafficked rail station in the Western Hemisphere versus down the hill, I think is going to be a very exciting offering for office tenants. And from the incoming calls that we’re receiving, I can tell that that’s true.
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Old August 27th, 2011, 02:01 AM   #171
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Wow. Already getting close to starting. Awesome. Taller tower would be preferable, but even the shorter one will be huge.
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Old August 27th, 2011, 02:39 AM   #172
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so many super talls will be rising soon i love it
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Old August 27th, 2011, 05:33 PM   #173
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The area between 10th Avenue and the West Side Highway between 30th Street and around 42nd St will spawn scores of 300m plus towers in the years to come. This area was never really developed. During the period until the early 1960s, it was an area integral to shipping which was based in Manhattan. From the 1960s to the 1990s, when all US cities experienced decline, it became a depressed area with body shops and vacant lots. Now, however, is finally being developed and will be stunning. Moreover, unlike the heart of Midtown and Downtown, these lots are zoned with enormous air rights which will yield the development of a forest of supertalls in the decades to come.
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Old September 2nd, 2011, 05:05 PM   #174
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These landmarks are coming!

http://therealdeal.com/newyork/artic...st-development



Brookfield to use new technology in race to build Manhattan West development
September 02, 2011 09:30AM
Brookfield CEO Ric Clark and Manhattan West rendering Brookfield Office Properties intends to get a leg up on competitor the Related Companies by using bridge-building technology to cover a 65-foot railroad trench at the site of its new Manhattan West development, Bloomberg News reported. Construction at the site requires covering tracks that shuttle about 100,000 people each weekday into and out of Pennsylvania Station.

The technology has never previously been used with a building project and would save two years of labor and cut costs for a platform in half to about $300 million, Brookfield told Bloomberg.

Brookfield is competing for tenants with Related's Hudson Yards, among other new office properties slated for completion mid-decade.

Platforms on the west side "are a big megillah," said Joseph Harbert, COO of Cushman & Wakefield. "Once those platforms are up, that place is going to be on fire… If they can get it up faster and at a lower cost, that stuff is going to rent." [Bloomberg]
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Old September 2nd, 2011, 05:14 PM   #175
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Waiting for January then.. This will be interesting to watch..
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Old September 3rd, 2011, 02:15 AM   #176
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Just to be sure what they're gonna build there:


Imageshack

image hosted on flickr

http://www.urbika.com/images/view/6527

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Old September 3rd, 2011, 03:52 AM   #177
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The last picture isn't the same project. Their bids for the Hudson Yard project, that lost to Related.
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Old September 3rd, 2011, 04:09 AM   #178
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man every time i see that lost proposal for the hudson yards my heart sort of sinks. that had to be one of the nicest proposals for NYC in my opinion. this brookfield project is quite nice too. its sort of funny how the smaller of the two towers looks quite short in context with the larger tower, even though the smaller one is only 15 meters short of supertall status.
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Old September 3rd, 2011, 09:41 AM   #179
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There was other designs for Hudson Yard that were, better then what Brookfield proposed. I for one wish Vornado/Durst would have one that bid but what can you do.
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Old September 3rd, 2011, 05:36 PM   #180
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Where abouts in NY is this? Or what landmarks are nearby. Sorry I'm not from NY so I'll need it dumbing down haha is this lower manhattan?
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