Generation Investment Management

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.