“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.
“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.
“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.
Over the weekend, the W&W Team was out there making it happen on the podium of One Vanderbilt setting some large lites onto custom steel mullions.
Our workers are out there with masks and face shields safely setting glass and metal. We hope all others are out there staying safe as well.
__________________ 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.
“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.
SL Green provided an update on One Vanderbilt, and it's still ahead of schedule and just about 70% fully leased already (pending one small lease). That means with all of the initiative given to midtown east, and new towers like One Vanderbilt, 270 Park, and 425 Park, there will still be virtually no new office space available in midtown east in the coming years. That's because all of the other sites that will be coming online with new space have yet to be demolished, and will take years of construction.
JP Morgan's headquarters at 2.5 msf will be occupied by the bank itself. And the boutique 425 Park Avenue is practically full with some of the highest office rents the city has seen. The timeline for towers like Tower Fifth, and the Grand Hyatt needs to be sped up, or Hudson Yards will continue to be the only option in midtown for newly built office space.
__________________ 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.
Wild amount of preleasing....how do the rents for the available floors, which happen to be on the top half of the building, compare to the rents achieved at 425 Park?
Wild amount of preleasing....how do the rents for the available floors, which happen to be on the top half of the building, compare to the rents achieved at 425 Park?
Asking rents at One Vanderbilt have ranged “from $150 to north of $200 per square foot,” Durels said. By comparison, the average asking rent in Midtown recently hit a record high of just $88.20 per square foot, according to data from CBRE, which has a team headed by New York Tri-State Chairman Robert Alexander representing SL Green at the site.
Hedge fund Citadel has agreed to pay $300 per square foot for the penthouse portion of its new 200,000-square-foot space at L&L Holding’s 425 Park Avenue, breaking a city record and renewing hopes among developers that office prices will continue to soar well into the triple digits.
Citadel is now adding 124,000 square feet to its previous 211,400-square foot lease, according to the New York Post.
Part of Citadel’s earlier lease at the $1 billion, 47-story tower included the top two floors of the building, which reportedly went for a record $300 per square foot.
The report also reveals previously undisclosed terms of Facebook’s leases at 50 and 55 Hudson Yards, where the social media giant is taking 1.2 million and 57,000 square feet, respectively. (Details of Facebook’s 265,000-square-foot lease at 30 Hudson Yards were not included.)
At 55 Hudson Yards, the tech giant is paying $116 per square foot and has seven months of free rent. Its tenant allowance of $190 per square foot, which represents the amount the landlord is willing to spend on space improvements, is more than double that of any other tenant at the building.
At 50 Hudson Yards, Facebook will be paying a base rent of $130 per square foot, a rather high number in comparison with other major new development office leases. That’s $156 million in rent annually.
WarnerMedia | 30 Hudson Yards, Hudson Yards | mid $70s psf | $2 billion
WarnerMedia, formerly known as Time Warner, took the top spot for office leases in 2019 with its deal for about 1.5 million square feet in Related Companies and Oxford Properties Group’s 30 Hudson Yards. AT&T took over WarnerMedia for $85 billion in 2018 and publicized its plans for a 20-year sale and leaseback of WarnerMedia’s Hudson Yards office condominium in January.
... Cravath, Swaine & Moore | 401 West 31st Street, Hudson Yards | low $90s psf | $1 billion
The law firm signed a lease for 481,000 square feet at the Brookfield Property Partners development known as 2 Manhattan West.
... AllianceBernstein | 66 Hudson Boulevard, Hudson Yards | low $100s psf | $448 million
Investment giant AllianceBernstein leased about 189,000 square feet in Tishman Speyer’s Hudson Yards development, known as the Spiral.
... EmblemHealth | 55 Water Street, Financial District | mid $50s psf | $383 million
EmblemHealth renewed its lease at 55 Water Street for 15 years and about 438,000 square feet.
Quote:
Originally Posted by SkyHigher
'The Summit' is a bit bland for an observation deck.
'Vandy's Visual Vices' is better
We’ve got The Edge vs. The Summit. I wonder what the Chrysler Deck will be called. It already has the Cloud Club that could be ressurected if they bring that back.
__________________ 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.
Didn't see this among the list of tenants, so maybe one of the pending deals...
__________________ 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.
“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.
“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.
“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.
“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.
“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.
“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.
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