Posted Feb 26, 2019, 3:38 AM
|
|
New Yorker for life
|
|
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
|
|
Spin the wheel, and the tenants will land somewhere. There's always someone looking for large chunks of real estate in the Manhattan office market...
https://nypost.com/2019/02/25/office...elite-tenants/
Office towers compete to win over a handful of elite tenants
By Steve Cuozzo
February 25, 2019
Quote:
Five major new office towers are in frenzied competition for a handful of big tenants prowling for new Manhattan digs. Where the chips fall will have a big impact on the towers’ profitability and their developers’ fortunes.
Prominent among companies being wooed and pursued is law firm Cravath Swaine & Moore, which has 600,000 square feet at Worldwide Plaza (825 Eighth Ave.). It’s been there since 2007 and its lease is up in 2024. The 2.1 million square-foot tower is 50.1 percent owned by New York REIT Inc. in a joint venture with SL Green and RXR Realty.
According to sources, Cravath Swaine is taking a hard look at Brookfield’s Two Manhattan West, which has yet to rise; Related Cos.’ 50 Hudson Yards and Tishman Speyer’s The Spiral, both under construction; SL Green’s One Vanderbilt, which is nearly finished; and Silverstein Properties’ Three World Trade Center, which opened early last year.
|
Quote:
CBRE Vice Chairman Lewis Miller, the broker for Cravath Swaine, declined to comment. So did reps for all of the buildings. All five belong to the elite class of new commercial skyscrapers with advanced infrastructure systems and excellent views.
None would come cheaply. Asking rents at some of the towers break $100 per square foot. But Cravath Swaine might be in a position to strike the best deal for itself at Two Manhattan West.
Brookfield plans to start building the 1.9-million-square-foot skyscraper before it’s signed any tenants, which doesn’t mean it wouldn’t love to have at least one in its pocket first. The first tenant into a spec project always has the most bargaining power.
|
Quote:
Plenty of space also remains available at the other new buildings. There are 1.6 million of 50 Hudson Yards’ total 2.9 million square feet; 2.05 million of The Spiral’s total 2.85 million square feet; 800,000 of One Vanderbilt’s total 1.7 million square feet; and nearly 1.5 million of Three World Trade’s 2.5 million square feet.
But sources offered a cautioning insight common in such situations — namely, that Cravath Swaine might decide to stay at Worldwide Plaza after all.
“They’re in a great position to wrestle the best terms from among six different landlords who’d kill to get them or keep them,” one insider said.
Sources said Cravath recently toured Three World Trade.
Another possible space-hunter is AIG, which is negotiating with Rockefeller Group for nearly 200,000 square feet at 1271 Sixth Ave.
The company is currently in several FiDi buildings.
Sources said AIG might also want up to 500,000 square feet, possibly at a single location Downtown.
|
__________________
NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
|