Steve Cuozzo reported earlier this week that although asking rents are holding (for the time being) at $100 per square foot, tenants continue to tour SJP Properties’ LEED Gold hopeful 11 Times Square at the corner of 42nd Street and 8th Avenue. According to Cuozzo, German bank WestLB considered space at the tower before deciding on LEED Gold-certified 7 World Trade Center at a decidedly cheaper rent (between $75 and $85 per square foot). Japanese bank Mizuho is currently looking for a block of 250,000 to 300,000 square feet with CB Richard Ellis, and Cuozzo reports that it has visited the building as well. The National Basketball Association and Newmark Knight Frank are also interested and, according to Cuozzo, went so far as to draw up architectural plans for space, where it would relocate from 645 Madison Avenue.
December 11th, 2008 | Stephen Del Percio | 0 comments | ContinuedSJP Properties
SJP Properties to Seek LEED Rating for Metropark Corporate Center
I spent a few months a couple of years ago reviewing documents out at a client’s in Iselin, New Jersey. I’d take the train out from Penn Station to Metropark, a station serving a sprawling office park plunked down at the crossroads of New Jersey, which sits quite literally in between the intersection of the Garden State Parkway and New Jersey Turnpike, about 45 minutes from Midtown and and Philadelphia on the Northeast Corridor. Parking garages are linked to the station (which is currently undergoing a $30 million dollar renovation) and low-rise corporate office buildings are easily accessible as well. Although there’s no residential component (or any real pedestrian access to speak of), I always thought of Metropark as a type of transit-oriented development; quick access to major roads with easy rail connections to the entire Northeast and Newark Airport. Accordingly, it wasn’t all that surprising to me that SJP Properties announced yesterday that it will seek a LEED rating for a 300,000-square-foot, 10-story office building that it will develop across the street from the station.
September 11th, 2008 | Stephen Del Percio | 0 comments | Continued