SJP Properties Tops Out Concrete Core of 11 Times Square

One of Manhattan’s highest profile new office buildings – the LEED Gold-hopeful 11 Times Square – has topped out its concrete core.

We can’t stop writing about 11 Times Square here at gbNYC; the project continues to remain fascinating to us on a number of different levels. Designed by FXFOWLE and aiming for a LEED Gold rating, the 40-story tower has yet to land a single tenant despite assurances from developer SJP Properties that the building would be half-filled by this past summer. That, of course, was before the credit crunch, and the project has, at least in our opinion, become the paradigm for green building projects that continue to move forward through the current market turmoil.

Still, yesterday, SJP did announce some good news: the building’s 600 foot high concrete core- the tallest ever in Manhattan office building- has topped out. The core will contain all of the building’s infrastructure- utility risers, elevators, and emergency stairwells- and allowed FXFOWLE to design 11 Times Square with fewer perimeter steel columns- a significant green design feature. SJP expects to top the steel out sometime next month and will be ready for yet-to-be-determined tenants by 2010.

As the year draws to a close, and as Real Estate Weekly noted a couple of weeks ago, SJP may be forced to cut its asking rents from a reported $100 per square foot; recall that the French bank Natixis, rumored earlier this year to become 11 Times Square’s anchor tenant, ended up with a sublease at 277 Park Avenue for around $70 per square foot. We’ll, of course, continue to follow this important project; check out the SJP press release about the concrete topping out via the link below.

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gbNYC is a multi-disciplinary consulting and real estate services firm. In addition to representing office tenants and commercial buyers in leasing and acquisitions, we also provide innovative consulting solutions from a unique, green building perspective. We advise on green building financial incentives, comment on proposed green building marketing strategies, author white papers, treatises, and market analyses, organize seminars on the LEED process and professional accreditation, and provide advice and analysis on green building risk management and the overall state of green real estate, leasing, and construction, in New York City and beyond.

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