[NYguy]

Wow indeed. Vornado talked about this oppurtunity last year...

Originally Posted by NYguy

Quote from Steven Roth...





Looking forward to what they come up with.

They didn't disappoint. Meanwhile, not everyone is ready to move forward on the redevelopment front...


https://www.crainsnewyork.com/real-e...-anchor-tenant

Tishman scraps redevelopment plan to hold on to anchor tenant




May 3, 2019
by Daniel Geiger

To retain an anchor tenant, the owner of a Midtown East building has abandoned its plans to take advantage of the neighborhood's recent rezoning to redevelop the spire.

Consumer products giant Colgate-Palmolive announced today that it has renewed about 242,000 square feet at 300 Park Ave. for its global headquarters. Tishman Speyer owns the building.

Colgate-Palmolive had been leasing about 312,000 square feet at the building, according to the real estate database CoStar, for a term that stretched until 2023. The new lease extends its occupancy by at least a decade beyond that expiration point while reducing the company's footprint, a source familiar with the transaction said.

Tishman Speyer had been inserting demolition clauses into leases it signed with tenants at the 26-story tower in recent years to allow it to push them out in case it decided to raze the 770,000-square-foot property and use the Midtown East rezoning plan to erect a bigger, state-of-the-art skyscraper in its place. After Colgate-Palmolive objected to the inclusion of such a clause, however, Tishman Speyer forfeited it in order to secure the deal.

Although Park Avenue is considered one of the city's prime corporate office corridors, several of its large tenants have departed in recent years.

The neighborhood has received strong signs of interest, including JP Morgan Chase's decision to remain and redevelop its headquarters at 270 Park Ave., but the deal with Colgate-Palmolive demonstrates how reluctant landlords are to lose additional major office users.