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Old July 23rd, 2012, 09:36 PM   #301
RobertWalpole
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http://www.crainsnewyork.com/article...TATE/307229993



Developer for all seasons takes New York
Multitalented, deep-pocketed Hines builds success far from its Dallas home.
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By Theresa Agovino @theresaagovino
July 22, 2012 5:59 a.m.

THEY WILL COME: Tommy Craig isn't worried about finding tenants for Hines' newest office tower, which will rise near Bryant Park. When three of the world's leading financial companies—Morgan Stanley, Goldman Sachs and UBS—all select the same outfit to develop office buildings for them, that firm must have something going for it.

But when that same outfit is tapped by the city's largest commercial landlord to consult on a big development project, that firm must be special. That's what happened last month when SL Green Realty Corp. chose Dallas-based Hines for help on a building it is planning to construct across the street from Grand Central Terminal.

"Hines is one of the pre-eminent developers in the world," said Isaac Zion, co-chief investment officer at SL Green, whose specialty is buying and managing properties, not building them. "We look forward to benefiting from its expertise."

Meanwhile, Hines made news of its own in the city last month. It announced it had reached an agreement with JPMorgan Chase to finance a 28-story, 450,000-square-foot office tower kitty-corner from Bryant Park. Remarkably, that deal was struck even though Hines has yet to secure an anchor tenant—a milestone that banks have insisted on in recent years as a prerequisite before considering a loan. In addition, Hines is restarting a client's stalled condo tower at 56 Leonard St. in TriBeCa, and trying to line up financing for a condominium/hotel it plans to put up next to the Museum of Modern Art.

"New York has never been more important to us as a firm," said Tommy Craig, a senior vice president and partner in Hines' New York metro office in Manhattan. "Because New York is a global financial capital, everything we do here is amplified as we seek funding from all over the world."

Lots of local projects
The 55-year-old global company has plenty of projects that it can point to here. Since Hines opened in Manhattan 24 years ago, it has become one of the city's best-regarded—though still least-known—developers. It made an indelible first impression in 1986 by developing what has become known as the Lipstick Building, the pink, oval-shaped office tower just east of Citicorp Center. It has developed 11 buildings in the city either for itself or others, including 31 W. 52nd St., a 30-story office building, and 450 Lexington Ave., a 1 million-square-foot office tower. The New York area accounts for about 10% of Hines' $15 billion of real estate assets under management in the U.S.

In New York as elsewhere, one of the company's strengths is its diverse base of business, which helps it weather all kinds of markets. Hines develops and manages its own commercial as well as residential properties but will also provide the same services for third parties for a fee. Currently, Hines manages 13 buildings in the city. It also buys buildings developed by others for its portfolio.

Similarly, Hines has a multiplicity of cash sources. It has a publicly traded real estate investment trust that it uses to buy and sell properties. Hines also raises equity capital directly from institutional investors, including investment and pension funds.

Over the years, the company has carefully cultivated a reputation for its professionalism, integrity and the quality of its buildings. That status stems in part from its longstanding habit of using award-winning architects. That started when Hines selected Pritzker Prize winner Phillip Johnson to design the Lipstick Building. Similarly, the developer picked Jean Nouvel, another Pritzker Prize winner, for its first residential project here, 40 Mercer St. in SoHo, which opened six years ago. The Frenchman is also designing Hines' tower near MoMA.

"They deliver great architecture, and they deliver on their promises," said Reid Price, managing director of new development at Town, a Manhattan-based residential real estate agency. He noted that while some developers hire big-name architects, they then cut corners, especially if the market softens. Not Hines, he said.

At 40 Mercer St., Hines' timing was perfect. The 40 units sold out in a year and a half, and the construction was completed in 2007. The developer was not so lucky, however, at 1 Jackson Square in the West Village. Marketing of the 30-unit condo was affected by the Lehman-Brothers global financial meltdown, so it took three and a half years to sell out. Construction was completed in 2011.

Now Hines is moving ahead with another condo project, at 56 Leonard St. Originally, it was developing the property for a fee on behalf of owner Alexico, which subsequently went bankrupt. While Mr. Craig will not comment about Alexico, he said that Dune Partners and Goldman Sachs' Whitehall Funds are providing financing to complete the project, which is being designed by Pritzker Prize winners Jacques Herzog and Pierre de Meuron.

While the relative strength of the city's residential market has drawn Hines' attention in recent years, the firm has made its mark as an office building developer, owner and manager. Many of its rivals in the city, including the Related Cos. and Silverstein Properties Inc., are better known, but few can match Hines' attention to every detail. CBRE Vice Chairman Darcy Stacom said that even the areas that house mechanical operations in Hines' towers are immaculate.

"You can eat off the floor," said Ms. Stacom, who has sold several buildings for Hines over the years. "They even have a manual about how to wash the windows."

The windows at what will be Hines' newest office tower will boast striking views of Bryant Park. The question is, will there be tenants to enjoy them? The leasing market has been lackluster in recent months as many tenants opt to renew their leases instead of incurring the expense of a major move.

Hines is going ahead without a tenant, hoping it will have signed at least some leases by the time the building opens in 2014. Mr. Craig says he isn't particularly worried, even though there will be other new buildings hitting the market with plenty of space to lease, such as 250 W. 55th St. and 51 Astor Place.

"We have the best site in midtown, and we'll be delivering a boutique, 21st-century building," said Mr. Craig. "We'll be ready for the rebound."

Rare black eye
DEVELOPER'S PROJECTS FOR ITS OWN PORTFOLIO
885 Third Ave./Lipstick Building
35 stories
592,000-square-foot office tower
Completed 1986; sold 2004

31 W. 52nd St.
30 stories
730,000-square-foot office tower
Competed 1986; sold 2007

450 Lexington Ave.
40 stories
1 million-square-foot office tower
Completed 1992; sold 2005

40 Mercer St.
13 stories
40-unit residential condo
Completed 2007; sold out 2007

1 Jackson Square
11 stories
36-unit residential condo
Completed 2011; sold out 2011
Mr. Craig is still seeking financing for what is commonly called the MoMA tower, which is slated to include floors for the museum, a hotel and luxury condo units. In a rare public black eye, the City Planning Commission refused to sign off on Hines' original plan. It said the design was incomplete and eliminated 200 feet that the developer had been given special permission to add, reducing the building to 1,050 feet.

Mr. Craig declined to discuss the incident.

Whitehall Funds is already a partner in the deal, but Hines still needs to line up more financial backers for the $1 billion-plus project—a task Mr. Craig acknowledges is more challenging than securing funds for the relatively small Bryant Park tower.

Still, he believes it will flow, pointing to the success of other high-end residential developments like One 57, a tower rising on West 57th Street. Its developer, Gary Barnett, said that a penthouse there fetched more than $90 million.

"We are very confident in the strength of the high-end market," said Mr. Craig

A version of this article appeared in the Jul. 23, 2012, print issue of Crain's New York Business.



Read more: http://www.crainsnewyork.com/article...#ixzz21TLVGuxg
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Old October 5th, 2012, 02:57 AM   #302
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Don't know how this got overlooked, Irish is a very very reliable source on WNY, he's spot on with everything he says. If all goes according to plan this, and Hudson Yards South will break ground within the next thirty days. Two more gems for NY.

IrishInNYC on WNY on July 5th, 2012:

"Very much alive. Con Ed work this month....fall for superstructure."
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Old October 5th, 2012, 11:24 PM   #303
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didn't this project already break ground? I thought it was on hold.
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Old October 5th, 2012, 11:33 PM   #304
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Quote:
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didn't this project already break ground? I thought it was on hold.
Yes. I think they did the excavation and foundation. Similar to 30 Park Place.
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Old October 6th, 2012, 03:50 PM   #305
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Let's hope this is true...i can't wait for this tower! It has to be build
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Old October 7th, 2012, 04:20 AM   #306
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Quote:
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Yes. I think they did the excavation and foundation. Similar to 30 Park Place.
Yep, work on the foundation was far along when the project was put on hold. For a time, it was a swimming pool but the water has been drained and the site is ready for construction to resume.

image hosted on flickr

http://wirednewyork.com/forum/showth...t=9831&page=20
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Old October 7th, 2012, 04:28 AM   #307
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Hines, the developer of Torre Verreand 7 Bryant Park, recently took a leading role in this project.
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Old October 11th, 2012, 08:38 PM   #308
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Construction to restart at 56 Leonard
October 11, 2012 11:00AM



A rendering of 56 Leonard
Construction is slated to recommence next week at 56 Leonard Street, the 830-foot Herzog & de Meuron–designed condo that stalled amid the financial crisis, the Tribeca Trib reported. The building’s foundations have been completed for three years.

Pricing has not yet been released for the 57-story building, which will be finished by 2016. Back in 2008, before the crisis hit, the developer Alexico Group was selling units for between $3.5 million and $35 million. The building is being marketed by Corcoran Sunshine.
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Old October 11th, 2012, 09:42 PM   #309
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One of my favorites down, one to go (Verre).
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Old October 11th, 2012, 09:46 PM   #310
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next week, work will continue on a new icon for downtown.
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Old October 12th, 2012, 12:12 AM   #311
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Quote:
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One of my favorites down, one to go (Verre).
Same here. Can't wait for Tower Verre.
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Old October 12th, 2012, 01:18 AM   #312
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Yes, good news to hear where I was hoping for, that this thread will move to the U/C section soon.
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Old October 12th, 2012, 01:32 AM   #313
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Quote:
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Same here. Can't wait for Tower Verre.
I agree. Hines is developing both. It's stating this and 7 Bryant Park at the same time, so Verre can't be far behind.
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Old October 12th, 2012, 01:40 AM   #314
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THis is huge. It will be one of the nicest designs in NYC although it is now a bit short by current standards :-)
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Old October 12th, 2012, 10:12 AM   #315
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Fantastic news ...can't wait
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Old October 12th, 2012, 01:17 PM   #316
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Robert , thanks i know this news and i confirm , because i have a contact directly with corcoran. My question is 4 years to build ??????? is really strange!!
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Old October 12th, 2012, 08:23 PM   #317
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Quote:
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...My question is 4 years to build ??????? is really strange!!
The lack of a traditional floor stacking system, where one floor is neatly placed directly upon the floor below it, makes this a more time consuming building to construct, it also complicates the cladding process which is usually pretty straight forward and can be done quickly. This will be worth the wait though, and will surely be one of the best towers in the city. The only towers I can see right now challenging it are Verre and 2 WTC.

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Old October 12th, 2012, 08:53 PM   #318
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A rather ugly building. Too bad that it wasn't cancelled. That prestigious spot deserves better than this
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Old October 12th, 2012, 09:08 PM   #319
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*yawn* But to each their own.
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Old October 12th, 2012, 09:26 PM   #320
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Quote:
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A rather ugly building. Too bad that it wasn't cancelled. That prestigious spot deserves better than this
I normally don't get involved in discussions on the esthetics of buildings.

But in this case Kanto I have to intervene and say either 1) you are confusing this with some other building or 2) you've lost your mind.

This will be one of the very few innovative designs in NYC - thank god for not just another glass box. I wish it were taller (don't I always) but of buildings built in the past 3 decades in NYC this is in the top 10 or maybe even top 5. In fact, the only one I can think of off the top of my head that is as good is the Hearst building.
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