David Childs/SOM

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Silverstein May Swap In German Bank West LB for HSBC at 7 World Trade Center

Although the credit crisis has definitely taken its toll on local green building projects in a variety of ways, the Post’s Steve Cuozzo reported today that Larry Silverstein may be close to landing a tenant who will at least partially replace the space that HSBC was slated to occupy at LEED Gold-certified 7 World Trade Center. HSBC’s potential move to five floors at the green tower was heralded, but a deal to sell its Midtown headquarters at 452 Fifth Avenue (at West 40th Street) fell apart several weeks ago after bidders came up $180 million short of the bank’s $600 million asking price. Accordingly, HSBC very quietly pulled out of its agreement to move downtown to Manhattan’s first LEED-certified commercial office building. Now, the German bank West LB is “in ‘real’ discussions” with Mr. Silverstein for space across three floors.

October 21st, 2008 | Stephen Del Percio | 0 comments | Continued
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Law Firm Pays $90 s/f at BXP’s -EB 7 Times Square

The law firm Hiscock & Barclay signed a four-year lease earlier this week for 12,500 square feet of space at Boston Properties’ 7 Times Square (Times Square Tower), which is currently seeking a LEED for Existing Buildings rating from USGBC. The firm is actually subleasing the space from another law firm- Brown Rudnick- and will pay approximately $90 per square foot. The 47-story, David Childs-designed Times Square Tower opened up back in 2004 without an anchor tenant after the Arthur Andersen implosion.

July 17th, 2008 | Stephen Del Percio | 0 comments | Continued
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Sales Proceed at Green SOM-Designed Toren Condos in Brooklyn

Designed by Skidmore, Owings & Merrill, Toren (Dutch for “tower”) opened its sales office back in April and is offering 241 condominium and affordable units at 150 Myrtle Avenue in Fort Greene. The 38-story, silver-blue aluminum and glass tower is being developed by BFC Partners and is selling at $750 per square foot. BFC head Don Capoccia told The Real Deal last week that the firm has 32 executed contracts and 11 out for Toren’s 199 market-rate units, while a whopping 1300 applications have been submitted for the project’s 42 affordable units. The Toren is aiming for a LEED Silver rating from USGBC and will feature its own cogeneration facility, rooftop gardens, and (presumably) the other LEED-standard green design features.

June 10th, 2008 | Stephen Del Percio | 0 comments | Continued
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Port Authority Close to Freedom Tower’s First Private Lease with Chinese Real Estate Co.

The New York Observer reported yesterday that the Port Authority has reached a tentative agreement with China’s Beijing Vantone Real Estate Company for 190,000 square feet of space in the LEED Gold hopeful Freedom Tower across its 64th and 69 floors. The firm will pay approximately $80 per square foot for a 22-year lease and create a “China Center” designed to be a cultural and educational portal for Chinese firms looking to do business in the U.S. and American firms interested in similar efforts in China. The news is of particular interest from a green leasing perspective given that Vantone came close two years ago to leasing the very top of Larry Silverstein’s LEED Gold 7 World Trade Center.

June 4th, 2008 | Stephen Del Percio | 2 comments | Continued
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“Lever House Redux:” Boston Properties’ 250 West 55th Street

Real Estate Weekly last week covered the recent Associated Builders and Owners of New York luncheon, which was held at The National Arts Club and featured thoughts from Robert Selsam, Senior Vice President and Regional Manager of Boston Properties. Mr. Selsam described his firm’s 250 West 55th Street, which will seek a LEED Gold rating from USGBC. “We want to think of it as a Lever House redux,” Selsam said; as REW noted, both the seminal Lever House at 390 Park Avenue and the new tower were designed by Skidmore Owings and Merrill as glass boxes rising out of a wider podium base. Many, though certainly not all, of the LEED buildings we’ve reported on in Midtown- including 545 and 510 Madison Avenue- will essentially be walls of glass, but the initial renderings of 250 West 55th appear to be a bit more ambitious in their homage to the local history of the International Style. The 38-story tower is expected to receive tenants in time for a 2010 occupancy; demolition and excavation efforts are already underway.

March 25th, 2008 | Stephen Del Percio | 0 comments | Continued
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SJP Properties’ LEED Silver 11 Times Square Moving Forward Through Tighter Market

In an article that appears in this week’s edition of Real Estate Weekly (but is not available online), Stephen Pozycki, head of New Jersey-based SJP Properties, discusses the state of the New York City commercial real estate market in light of the recent U.S. economic woes. SJP, as you may recall, is building the speculative, LEED Silver 11 Times Square at the corner of 42nd Street and 8th Avenue (just across the street from the New York Times Tower). Last fall, we discussed the project in the context of the subprime lending meltdown and what it might mean for green building generally. Pozycki told Real Estate Weekly that he expects the tower to be half-filled with tenants by summer and that “[t]here’s just not many of these new green buildings that are being built in the city.” He noted the lack of available space in new green towers from the Times, Hearst, Bank of America, and also pointed to Boston Properties’ plans for a LEED Gold building, targeted specifically for law firms, at West 55th Street.

February 6th, 2008 | Stephen Del Percio | 3 comments | Continued
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LEED Gold Office Space Flying Off Shelf at 7 WTC

As we briefly noted late last week, Larry Silverstein has secured another tenant for LEED Gold 7 World Trade Center. Advertising firm Arnell Group will pay $70 per square foot for the entire 40,000 square feet on the building’s 37th floor. According to the New York Observer, only 440,000 square feet remain across 11 floors [...]

December 27th, 2007 | Stephen Del Percio | 0 comments | Continued
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Gang Green Goes Green: New York Jets Announce Naming Rights Agreement for LEED-Certified Florham Park Training Facility

The New York Jets today announced a twelve-year naming rights agreement with Atlantic Health, a Northern New Jersey health care provider, for the team’s new $75 million training facility that’s currently under construction in Florham Park. Hunter Roberts Construction Group is managing the project, which broke ground back in April and was designed by David [...]

October 24th, 2007 | Stephen Del Percio | 0 comments | Continued