CB Richard Ellis

CB Richard Ellis

Times Up: Once a Burgeoning Green Neighborhood, the Times Square Submarket is Struggling

Mon

Nov

As part of gbNYC's rolling transformation from one platform to another -- WordPress to Drupal, for all you curious nerdz -- we've been having to do a lot of re-tagging of old posts. The reasons for this are both complicated and uninteresting, but it's working: our Google rating is back, for one thing, and things are starting to make sense more generally. There has been an unexpectedly poignant side benefit to all this re-tagging, though, as your author (and super-intern Vik Gupta) have worked our way back to 2007-vintage posts about burgeoning new green developments that were supposedly thisclose to becoming the next big green thing. Vornado's LEED-CS Gold building a 20 Times Square is locking up an anchor tenant! Except... no, it's not, and construction has been halted. CBRE is confident that its LEED Gold 11 Times Square tower is going to do fine, even with an anticipated dip in the market! Except... it isn't.

Tenants Taking Looks at Topped Out 11 Times Square

Thu

Dec

by Stephen Del Percio

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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.

Century-Old 14 Wall Street Earns 2008 Energy Star Designation from EPA

Wed

Aug

by Stephen Del Percio

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Regardless of your perspective, it's critical to keep in mind that the most sustainable of buildings is the existing building, particularly when retrofitted for energy efficiency improvements and other green enhancements. Capstone Equities and The Carlyle Group's 14 Wall Street- which dates from 1912- recently earned a 2008 Energy Star award. The 37-story tower, which stands along Nassau Street between Wall and Pine, across from the New York Stock Exchange, was designed by Trowbridge & Livingston and was designated as a New York City landmark in 1997. 14 Wall was formerly known as the Bankers Trust Company Building and the 31st floor was once J.P. Morgan's apartment. The tower came close to turning into residential condos back in 2004. There are now twenty commercial buildings in New York City that have received the Energy Star designation from EPA, including Cass Gilbert's New York Life Insurance Building at 51 Madison Avenue.

Saatchi & Saatchi Reups with Tishman Speyer at 375 Hudson Street

Wed

Apr

by Stephen Del Percio

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Advertising firm Saatchi & Saatchi recently renewed an 819,000-square-foot lease at Tishman Speyer's 375 Hudson Street, which earned a 2007 Energy Star Award from EPA earlier this year. The 1.2 million-square-foot, 19-story building, which stands at the corner of West Houston Street, has been home to Saatchi since 1985, when rents in the Hudson Square submarket were approximately $20 per square foot. The firm was the first ad agency to relocate from Midtown down to Hudson Square, where according to Jones Lang LaSalle rents are currently averaging $59 per square foot. CB Richard Ellis represented Saatchi in the lease negotiations; asking rent details are not available.