Although the local real estate market has certainly cooled in the past few months, leasing activity at two of Midtown’s highest profile green commercial projects continues to remain hot. Marathon Asset Management, which agreed to pay $115 per square foot for the 38th and 39th floors at LEED Platinum hopeful Bank of America Tower in early 2007, recently agreed to a 5-year sublet for a portion of its space with Korean financial firm Mirae Asset for $150 per square foot. Although Marathon isn’t the only financial services firm that’s looked to shed space in light of current market conditions, it’s a good sign that demand is still strong for premium Class A space, though whether One Bryant Park’s green features are driving the significant lease premium is obviously pure speculation. Meanwhile, at LEED Gold hopeful, 350,000-square-foot 510 Madison Avenue, only one tenant has signed a lease, albeit at a whopping $150 per square foot.
July 29th, 2008 | Stephen Del Percio | 0 comments | ContinuedAll Posts Tagged With: "Durst Organization"
Gore Finalizes 5500 s/f Lease at Bank of America Tower
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.
May 27th, 2008 | Stephen Del Percio | 1 comment | Continued
Gore Scores 48th Floor at Bank of America Tower
Back in September, we noted a report in Crain’s that Al Gore’s investment firm, Generation Investment Management LLP, was looking for LEED-certified office space in New York City. Today, Generation announced that it has secured a 5,000-square-foot lease on the 48th floor of the Durst Organization’s Bank of America Tower, which expects to receive the [...]
November 14th, 2007 | Stephen Del Percio | 1 comment | Continued
gbNYC Green Glimpse: 1 Bryant Park
I took a walk yesterday and checked in with 1 Bryant Park- Bank of America’s new 55-story headquarters that’s aiming for LEED Platinum. The 1,200 foot tower will become the second tallest building in New York (after the ESB) once it’s completed in 2009, and I’ve posted some photos that I took on Flickr; there [...]
July 25th, 2007 | Stephen Del Percio | 0 comments | Continued