Yesterday was not a good day to be a green building under construction in Midtown. First, Steve Cuozzo reported in the Post that Macklowe Properties’ 510 Madison Avenue, which is currently pursuing a LEED Gold rating from USGBC, has received a partial stop-work order from the Department of Buildings. Later in the morning, a 5 ‘ by 13′ panel of glass fell from the 51st floor of Cook + Fox’s LEED Platinum hopeful Bank of America Tower. The panel landed on sidewalk bridging across 42nd Street (where the former Verizon Building continues to undergo a number of green retrofits), shattering and sending one person to Bellevue. Tishman Construction is serving as the construction manager for both of the projects
August 12th, 2008 | Stephen Del Percio | 0 comments | ContinuedAll Posts Tagged With: "One Bryant Park"
Midtown Midsummer Green Lease Update
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 | Continued
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