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Old July 19th, 2010, 08:14 PM   #281
kingsc
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Manhattan has so many buildings. It take years, for the rest of the city to catch up.
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Old July 22nd, 2010, 04:56 PM   #282
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I did not say anything about catching up, only that I am hoping for some skyscraper projects outside of Manhattan.
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Old July 30th, 2010, 02:00 PM   #283
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nice project! but is so near empire states building...
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Old July 30th, 2010, 03:57 PM   #284
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So? Great supertalls go together nicely.
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Old August 3rd, 2010, 07:34 AM   #285
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I did not say anything about catching up, only that I am hoping for some skyscraper projects outside of Manhattan.
oh I wasn't talking about you LOL
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Old August 9th, 2010, 08:51 PM   #286
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This article discusses tenants currently looking for very large blocks of space. Many more will come to the market in the next few years, as many large leases will expire soon. One of these likely will anchor 15 Penn Plaze and one will anchor Foster's 2WTC.

http://therealdeal.com/newyork/artic...mighty-hunters

Here's the article from Therealdeal.net:

In the office market, mighty hunters
August 01, 2010 12:00PM

By Adam Pincus




Bank of America. Morgan Stanley. Condé Nast. These are the companies leading the pack when it comes to searching for large blocks of Manhattan office space.

Yet they have plenty of company.

In fact, real estate insiders say there are more large tenants on the hunt for Manhattan space -- and also signing deals -- this year than there were a year ago.

The reasons are manifold, brokers say. First off, the improved economy, while not necessarily firing on all cylinders, has provided tenants with just enough confidence to take advantage of the weakened market conditions.

Indeed, as of last month effective rents were down 38 percent from their July 2008 peak to an average of $42.65 per square foot, Cushman & Wakefield statistics showed. In addition, a wave of lease expirations looms on the horizon.

While there is no public record of which tenants are actively seeking space, The Real Deal asked sources at each of the major commercial firms -- all of which keep their own proprietary lists of tenants that are in the market -- and found that at least 16 tenants are eyeing space of 300,000 square feet or more. (Brokers cautioned, however, that it is impossible to produce a fully comprehensive list because some tenants are looking for space quietly and don't want their searches to be publicly known.) And most of the firms officially declined to comment, citing confidentiality agreements with tenants.

Still, not only are large tenants on the hunt for space, they also signed a higher percentage of deals in the second quarter than they did in the same period in 2009. This year, almost 15 percent of the total square footage leased from April to June in Midtown was for leases above 100,000 square feet, according to statistics from Cushman.

That's up from just under 7 percent of the Midtown deals last year.

A large number of the assignments identified by The Real Deal are held by brokers at Cushman. They represented seven of the tenants, for a total of as much as 3.5 million square feet, according to the survey. One of the assignments, for financial and accounting firm Deloitte, is being handled by vice chairmen Mitti Liebersohn and John Cefaly, who was a member of the team that represented the 99,000-square-foot lease for the Daily News in the Financial District, and Dale Schlather, an executive vice president who was on the team that represented Avon Products in its 246,500-square-foot lease in Midtown (note: clarification). Schlather is also on the team representing law firm Milbank, Tweed, Hadley & McCloy, which is in the market for 350,000 square feet of space.


Click image for larger versionAndrew Sachs, executive director at Cushman, credited a more collaborative management style with bringing in a high number of assignments. Others said it was simply the brokerage's history as a tenant representative firm. Some noted that tenants might be looking for space quietly and not appear on this list.

Insiders said CBRE, with just two assignments on the list, should not be counted out. The firm represented tenants in seven of the 10 largest deals that closed in the first half of 2010, a CoStar Group survey showed, including four deals for 300,000 square feet or more.

The three largest tenants in the market are all looking for up to 1 million square feet. They are: Condé Nast, which is represented by Mary Ann Tighe, CEO of CB Richard Ellis' New York office; Bank of America, which is represented by Jones Lang LaSalle and Cushman; and Morgan Stanley, which is represented by Newmark Knight Frank.

Tighe has a long-time relationship with Condé Nast, which she placed in its current location at the Durst Organization's 4 Times Square in 1996. The company is reportedly looking to take as much as 1 million square feet in 1 World Trade Center, where Durst was picked last month by the Port Authority to buy a stake in the tower. Currently under construction, 1 World Trade Center is scheduled for completion in 2013.

Peter Riguardi, president of the New York office of Jones Lang LaSalle, is representing Bank of America in its search for space Downtown, while Cushman brokers Mitchell Konsker and Tara Stacom are searching in Midtown. The bank has Midtown offices in 1 Bryant Park, but also has space occupied by Merrill Lynch, which it took over in 2008, that is expiring in 2013 at World Financial Center.

Newmark Knight Frank brokers Barry Gosin and Hal Stein are representing Morgan Stanley in its search for up to 1 million feet. Although headquartered at 1585 Broadway in Midtown, the financial firm also leases space at 1 New York Plaza in the Financial District.

Brokers differed on the meaning of the increase in activity.

Some interpreted the rise in large tenants on the prowl as a positive indicator, showing that companies want to commit to space now because they are anticipating that rents may rise quickly. But others noted that most of the tenants in the market, such as Deloitte and Condé Nast, may ultimately cut the amount of space they rent. So while those big guns are currently creating activity in the market, their moves will ultimately put additional downward pressure on prices and increase the Manhattan vacancy rate, which was 10.8 percent in the second quarter.

"Don't confuse the number of big deals with positive net absorption," said Dirk Hrobsky, managing director at tenant representative firm UGL Equis. "Right now these big deals are all just trading space and not increasing overall occupancy."

While most of the tenants have leases expiring in the next three years, some are further out, such as Condé Nast and Zurich American Insurance, now located in Downtown and Midtown locations. Zurich, which Hrobsky represents, has two locations with expirations in 2017, but has been reviewing options to lease Downtown, he said.

In addition, hunting for space and taking space are obviously two different things. Indeed, brokers said many of the tenants in the market will likely stay in their current locations, but use the deals they find to create leverage with their existing landlords.

Yet the optimists note that there is a limited supply in some markets. There were 21 blocks of space greater than 250,000 square feet available in Manhattan, Cushman reported last month. Joseph Harbert, COO of Cushman's New York office, noted that there were just nine blocks larger than 250,000 square feet available in Midtown. Some of the available spaces include 1 World Trade Center, 1 New York Plaza, Worldwide Plaza at 825 Eighth Avenue and 1221 Sixth Avenue, CoStar shows.

"At some point this is going to put [upward] pressure on pricing," Harbert said at the firm's media briefing last month. "It's going to end up being a game of musical chairs, and at some point someone may be left without a seat."

Last edited by RobertWalpole; August 9th, 2010 at 10:19 PM.
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Old August 9th, 2010, 10:56 PM   #287
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Quote:
Some interpreted the rise in large tenants on the prowl as a positive indicator, showing that companies want to commit to space now because they are anticipating that rents may rise quickly. But others noted that most of the tenants in the market, such as Deloitte and Condé Nast, may ultimately cut the amount of space they rent. So while those big guns are currently creating activity in the market, their moves will ultimately put additional downward pressure on prices and increase the Manhattan vacancy rate, which was 10.8 percent in the second quarter.
So some may be looking for other space, just to put pressure on the lease price of their current building.
This is not all just demand for new space.
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Old August 9th, 2010, 11:20 PM   #288
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Will Morgan Stanley remain in Midtown? Or move back to FiDi? That's one to watch. I'm a little surprised that so soon after completing their tower on Bryant Park, Bank of America is looking for 1 million sq.ft. Is this a Charlotte evacuation story? I would also look for Banco Santander to make a splash in New York on the heels of their big push into the US. 5WTC anyone???
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Old August 10th, 2010, 01:02 AM   #289
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Originally Posted by Eric Offereins View Post
So some may be looking for other space, just to put pressure on the lease price of their current building.
This is not all just demand for new space.
This is a demand. The same thing happens in other financial centers like London and HK. Big companies like new buildings and anchor new ones when their leases run out.
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Old August 10th, 2010, 09:21 AM   #290
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Bank of America isn't leaving Charlotte. I don't know which one of their leases up. I know they have a pretty big office in lower manhattan.
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Old August 10th, 2010, 02:01 PM   #291
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There is massive speculation that they will leave Charlotte. The new CEO doesn't even live in Charlotte and spends 1 to 2 days there per week.
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Old August 15th, 2010, 02:04 PM   #292
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Battle of the Skyscrapers! Empire State Building Owner Takes Issue with New Penn Tower
By Eliot Brown

August 13, 2010 | 3:31 p.m

Count Tony Malkin as apparently not a fan of Steve Roth's planned tower in place of the Hotel Pennsylvania.

In public testimony submitted to the City Planning Commission in June (recently posted online; page 7), Mr. Malkin, president of Malkin Properties and an owner of the Empire State Building, subtly lashed out against the planned office tower, slated to be between 2.6 and 2.8 million square feet, that Mr. Roth and his Vornado Realty Trust are hoping to build.

The 33rd Street would-be skyscraper across from Penn Station, which has no tenant and would be unlikely to be built until it gets one, would rise to 1,190 feet tall and would be called 15 Penn Plaza. With the 1,250-foot Empire State Building just two blocks away, it would be a large new presence on the midtown skyline (one of the reasons the Empire State Building stands out so much is that it is a good 10 blocks south of anything else really tall). So, from the perspective of views, it's clear that the Vornado tower would change things for the Empire State Building, particularly from the west.

In his testimony, Mr. Malkin seemed offended that Vornado hadn't reached out to him more, writing "we only received one phone call" from the developer. He then went on to write that a "full evaluation" was needed of the Vornado tower's effect on the Empire State Building, which, in the world of development opposition, is often code for "stop this project."

Given ESB's great historical significance, its status as a landmarked icon in New York City's skyline and, most importantly, its proximity to the 15 Penn Plaza Project, Applicant's thorough communication to us with respect to the, 15 Penn Plaza Project would have been expected. However, we only received one phone call from Applicant about the project and only once it was within the public realm.

...

Given the 15 Penn Plaza Project's proximity to ESB, the scale, bulk and the design of the 15 Penn Plaza Project is incompatible with ESB, and the 15 Penn Plaza Project blocks views of the ESB from areas west of the 15 Penn Plaza Project, permanently changing the character of the New York City skyline. Accordingly, we believe a full evaluation of impacts associated with the 15 Penn Plaza Project on ESB is appropriate and necessary.


Of course, it's a bit late in the game for someone to oppose this tower and force any major changes. It's nearly wound its way through the public approvals process, and its last hurdle is the City Council, which has not shown signs (yet) that it has any major problems with the tower.

Otherwise, it's generated a relatively small amount of drama. Borough President Scott Stringer gave a conditional non-binding recommendation in favor of Vornado's plan, and the City Planning Commission approved it with minor modifications. The community board opposed it, but later wrote a letter to the City Planning Commission noting that it did not have problems with large development on the site, but, rather, had a number of specific concerns (that did not seem insurmountable).

Still, the community board took issue with the effect the building would have on the view of the Empire State Building, comparing it to the Jean Nouvel-designed skyscraper to rise by MoMA, which was chopped by 200 feet by the City Planning Commission. From the community board's letter:

In comparison, the 15 Penn Plaza application wholly lacks the MoMA project's distinguished architectural features, produces no benefits for landmark preservation or cultural access, would have similarly detrimental impacts on neighborhood density and traffic, and would notably diminish, not enhance, the skyline position of its iconic neighbor, the Empire State Building. Indeed, the proposed buildings would directly obstruct the view of the Empire State Building from the west, thereby fundamentally altering and diminishing New York City's skyline in a way few projects have in decades. Should 15 Penn Plaza not be held to the same standards and criteria as Nouvel/MoMA?


[email protected]


http://www.observer.com/2010/real-es...-midtown-tower
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Old August 15th, 2010, 02:22 PM   #293
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Who the hell does that guy think he is? Does he forever want Midtown Manhattan to build small just so that everybody can see his skyscraper? The Empire State Building is a landmark, yeah, but it's a landmark in a growing city, and sooner or later its owner will have to face the fact that in a growing city there may be another tall building being built nearby. I don't think it is in any way avoidable, unless he wants some of the growing number of tenants to relocate to another city...
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Old August 16th, 2010, 04:32 AM   #294
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Originally Posted by droneriot View Post
Who the hell does that guy think he is? Does he forever want Midtown Manhattan to build small just so that everybody can see his skyscraper?
He's attempting to protect his own interests. I'm not gonna be mad at the guy for doing his job and looking out for himself.
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Old August 16th, 2010, 04:44 AM   #295
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Of course he is attempting to protect his interests, and it would be no problem if he was at least honest about that instead of acting like he's doing some big altruistic public service.
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Old August 16th, 2010, 04:47 AM   #296
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The ESB owners need a lesson in capitalism: Towers get built. Cities change. If they want to buy the air rights over all of Midtown to protect their status, let them spend the hundreds of billions, otherwise, STFU!
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Old August 16th, 2010, 05:49 AM   #297
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The ESB owners need a lesson in capitalism: Towers get built. Cities change. If they want to buy the air rights over all of Midtown to protect their status, let them spend the hundreds of billions, otherwise, STFU!
They're trying to protect the ESB as a much valued piece of commercial property, not a city landmark.
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Old August 16th, 2010, 06:23 AM   #298
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They keep chopping the top off of towers to keep the ESB the tallest in midtown. It makes me sad!!
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Old August 16th, 2010, 06:34 AM   #299
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It seems anything's possible these days, even supertalls owned by NIMBYs...

I stand by my statement in post #294, and I agree with desertpunk. Landmark status should not mean that all growth in one of the world's most active cities should forever be halted. That just goes a wee bit too far.
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Old August 16th, 2010, 10:13 PM   #300
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supertalls owned by NIMBYs
That is a quote to remeber.

Totally agree with you though.
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