NEW YORK | 175 Park Avenue (Grand Hyatt) | 1,581 FT | 92 FLOORS

[NYguy]

Originally Posted by ChiND

I guess they’re really serious about this building. I wasn’t sure because I recall Boston Properties giving a very negative prognosis about the office market not long ago. I think that BP claimed that rents of $200/sf were needed to make a reasonable profit.

Of course they're serious. These aren't some random dudes that just wish they can put up a building. And there's already a lot of money tied up in this development, which btw is more than just the building. There's a lot of transit construction and upgrades tied into it. BP has it's own ideas of what it can build, when, and why. Not all developers are the same. We've seen towers with as much office space as this one get built and leased in the Hudson Yards, yet Boston Properties smaller 3 Hudson remains on hold. Don't read too much into what any particular developer says, unless it's only in regards to their own projects.

But beyond location and demand, which this building is perfectly suited in both regards, the closest comparison is One Vanderbilt.


https://www.kpf.com/news/one-vanderbilt-commands-top-office-rent-says-the-real-deal

Already 95% leased, the tallest office tower in Midtown Manhattan broke the all-time record for rent per-square-foot at over $300.

This surpassed the record rents at the new 425 Park, which would probably be broken again by CItadel if they weren't building their own tower.

https://www.hedgefundspaces.com/citadel-inks-priciest-deal-in-nyc-history-at-425-park/



175 Park Avenue is 2 msf of office space, topped by the hotel it is replacing. There's nothing shocking about that in New York. It's just a great design.

Originally Posted by Ahoi

Who has officially published this video? Link for the video?

RXR Development? or SOM?

If not, it would be unofficial material intended for potential tenants only.

All office tower proposals have renderings and marketing videos we don't usually get to see. I bet if we were able to get into the 175 Park showroom at 1 Vanderbilt, we would see a lot more.