The New York Observer reported earlier today that Al Gore's Generation Investment Management firm has finalized its lease for 5500 square feet on the 48th floor of the Durst Organization’s Bank of America Tower, which expects to receive the first-ever LEED Platinum rating for a commercial high-rise from USGBC. Asking rents at the Midtown tower, which was designed by Cook + Fox, had been hovering around $185/square foot; it’s unclear how much Gore’s firm agreed to pay for the space, but as of last July, this was the asking price for the only two remaining floors in the building. We've commented on the various factors (including the tower's sustainable design features) driving these incredible figures previously; recall that the most recent statistics from Cushman & Wakefield are an average of $93 per square foot for Class A space in Midtown.
In a press release (available via the link to the Observer below), Generation senior partner David Blood said that “New York City is the nation’s investment capital and The Bank of America Tower is a premiere building with a bold environmental and sustainable vision. We are proud to be in New York City and in this spectacular building." Generation has signed on for a ten-year lease; CB Richard Ellis represented the firm in its negotiations with Durst's in-house team.
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$185 a square foot retarded
$185 a square foot retarded high even for midtown. This must be a typo. I'd say $85-$100.
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