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Old June 13th, 2014, 03:10 AM   #4081
desertpunk
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Originally Posted by Eric Offereins View Post
Worst case would be that they leave and this neighborhood ends up with more vacant office space.
Would be cool if they move into 3WTC.
Traditional financial firms have been leaving Lower Manhattan for years so it would come as no surprise if BNY Mellon goes to JC. But tech-heavy media tenants are rapidly expanding in NYC. Google has said they expect to employ 1 million engineers at some point.
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Old June 14th, 2014, 10:12 AM   #4082
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Traditional financial firms have been leaving Lower Manhattan for years so it would come as no surprise if BNY Mellon goes to JC. But tech-heavy media tenants are rapidly expanding in NYC. Google has said they expect to employ 1 million engineers at some point.
Whoa. Source for that last bit about 1 million engineers?
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Old June 14th, 2014, 05:17 PM   #4083
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Whoa. Source for that last bit about 1 million engineers?
Yea, 1 million engineers being hired isn't going to happen. At the low end of $50,000/year/engineer, goggle would be spending $50 billion/yr on those million.
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Old June 14th, 2014, 07:38 PM   #4084
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I have been away for a while so haven't kept myself up to date on this. Is there still a decision impending on this? Thanks.
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Old June 16th, 2014, 10:24 PM   #4085
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http://www.businessweek.com/news/201...0-over-3-years

Manhattan to Add Most Office Space Since '90 Over 3 Years

By Jonathan LaMantia
June 16, 2014

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Manhattan is poised to add the most office space in any three-year period since 1990 as projects including buildings at Hudson Yards and the World Trade Center site are completed, the New York Building Congress said.

The borough, home to the largest U.S. office market, probably will add 9 million square feet (836,000 square meters) of office space at nine development sites from last year through 2015, according to the organization, which promotes construction in the New York City area. An additional 10 million square feet at six buildings is likely to become available from 2016 through 2018, the group said in a statement today.

“It’s a vote of confidence in the market, which we think is long overdue,” Richard T. Anderson, president of the New York Building Congress, said in a telephone interview. “As a global center of finance and office-related functions, the city needs to regenerate its office space.”

Office-using jobs in New York City last year surpassed the 1.8 million mark for the first time, an increase in demand that’s helping support the construction boom, the group said.

The estimates through 2018 include planned towers at 2 and 3 World Trade Center in lower Manhattan, where office leasing has exceeded the five-year average in each of the past 12 quarters, real estate brokerage CBRE Group Inc. (CBG:US) said in an April report.

A total of 24.4 million square feet of new office space is expected to be built from 2010 through 2019, more than the 19.4 million square feet added from 2000 through 2009 and the 10.7 million square feet delivered in the 1990s, the Building Congress said. This decade’s total will be about half of the 49 million square feet completed in the 1980s, the group said.

Renovation remains the dominant source of office construction, making up 70 percent of development spending, the group said.

Lower Mahattan’s 3 World Trade Center is stalled at eight stories while government officials and developer Larry Silverstein work on a plan to finance the 80-story tower. He is seeking an anchor tenant to justify the construction of 2 World Trade Center.
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Old June 17th, 2014, 12:22 AM   #4086
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On the subject of BNY-Mellon, I have a relative who works there and I asked him about this recently. He told me that a move is being considered though the bank would like to stay in lower manhattan. So take that as you will
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Old June 17th, 2014, 01:46 AM   #4087
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^ Article on Bloomberg today about Jane Street taking 140,000 sf at Brookfield Place, it also mentions that Bank of New York is close to signing a lease for 400,000 sf in Brookfield Place as well, on top of the 700,000 sf Time just took there.
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Old June 17th, 2014, 01:58 AM   #4088
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Whoa. Source for that last bit about 1 million engineers?
It was a blurb on CNBC during a discussion about the mass payroll handoff from major employers like Walmart to tech firms. It's a dizzying number but Google has ramped up hiring worldwide to snatch as much talent for themselves as possible.
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Old June 17th, 2014, 02:00 AM   #4089
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^ Article on Bloomberg today about Jane Street taking 140,000 sf at Brookfield Place, it also mentions that Bank of New York is close to signing a lease for 400,000 sf in Brookfield Place as well, on top of the 700,000 sf Time just took there.
The sooner the book gets closed at Brookfield Place, the better!
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Old June 17th, 2014, 02:44 AM   #4090
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The sooner the book gets closed at Brookfield Place, the better!
But how can the former WFC sign around 2 million sq in four separate transactions and 1 WTC and 3 WTC land nothing (recently)? I thought that their rent was heavily subsidized. Are they still simply much more expensive?
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Old June 17th, 2014, 03:22 AM   #4091
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But how can the former WFC sign around 2 million sq in four separate transactions and 1 WTC and 3 WTC land nothing (recently)? I thought that their rent was heavily subsidized. Are they still simply much more expensive?
Simply yes & that is why they are lowering their rents to the low end of midtown sky high asking prices. I still think they need to lower it more tbh than the lower end of midtown. Lower Manhattan is improving but not yet in the same league as midtown. Let's say all the towers and hub are completed, then I can imagine they could finally expect to lease at a high price. The Market has spoken and the market says WTC towers have been unrealistic in their pricing.
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Old June 17th, 2014, 05:58 AM   #4092
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If the Port Authority relented and allowed residential at WTC, these towers would be getting financed already...
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Old June 17th, 2014, 01:52 PM   #4093
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Why don't they?
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Old June 17th, 2014, 06:35 PM   #4094
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Why don't they?
They want to rebuild the lost office space. World Trade Centers are supposed to be sites for retail and businesses. Not luxury condos for foreigners looking to hide their assets from their own governments.
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Old June 17th, 2014, 10:00 PM   #4095
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All the news now about the need for more office space, including in Lower Manhattan, better be that the PA and Silverstein are working their asses off on a mutually acceptable funding formula to get WTC3 going this summer. Group M deal is very tenuous now and nothing positive will result in Group M getting out of the deal and a serious setback. There IS the need for office space, PA.. but Silverstein HAS to get realistic about the pricing though, only when business gets booming again will the price increases be justifiable as VG pointed out.
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Old June 17th, 2014, 11:18 PM   #4096
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All the news now about the need for more office space, including in Lower Manhattan, better be that the PA and Silverstein are working their asses off on a mutually acceptable funding formula to get WTC3 going this summer. Group M deal is very tenuous now and nothing positive will result in Group M getting out of the deal and a serious setback. There IS the need for office space, PA.. but Silverstein HAS to get realistic about the pricing though, only when business gets booming again will the price increases be justifiable as VG pointed out.
I wonder if they could push Group M to greatly increase their space to achieve the financing threshold through a leaseback/sublet arrangement.
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Old June 17th, 2014, 11:22 PM   #4097
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GroupM has been waiting long enough, in my opinion. They officially signed on back in November.
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Old June 17th, 2014, 11:27 PM   #4098
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GroupM has been waiting long enough, in my opinion. They officially signed on back in November.
They have, but they also knew that their lease alone wouldn't get the tower built. Going into the signing they had to be satisfied with a longer wait rather than take on more of an obligation themselves.
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Old June 18th, 2014, 05:42 AM   #4099
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Quote:
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They want to rebuild the lost office space. World Trade Centers are supposed to be sites for retail and businesses. Not luxury condos for foreigners looking to hide their assets from their own governments.
well, the original world trade center had a hotel.
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Old June 18th, 2014, 05:54 AM   #4100
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And so may the new one if something with 5 WTC happens.
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