DOCSLIB.ORG

8.5 X 11 Corporate Overview

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
8.5 X 11 Corporate Overview 3Q15 NEW YORK CITY OFFICE MARKET OVERVIEW 3Q15 Office Market Overview New York City Table of Contents 3 Executive Summary 4 Manhattan Office Market Analysis 22 Manhattan Development Update 5 Leasing Activity by Market 23 Commercial Development Pipeline 6 Top Transactions 3Q15 24 Commercial Development Horizon Map 7 Industries Driving Demand 25 World Trade Center Development Overview 8 Industries Driving New York City Employment 26 Far West Side Development Overview 9 Industries Driving Leasing and Taking Rents 27 Midtown Development Overview 10 Manhattan Submarket Snapshot 11 Manhattan Submarket Matrix 28 Brooklyn and Long Island City 12 Overall Average Asking Rent by Market Office Market Analysis 13 Taking Rent Trends 29 Brooklyn Rent and Availability Trends 14 Taking Rent Corridor and Submarket Comparisons 30 Brooklyn Office Development and Redevelopment Map 15 Net Effective Rent Trends 31 Brooklyn Office Development and Redevelopment Overview 16 Concessions for Select Submarkets for Long-Term Deals 32 Brooklyn Submarket Snapshot 17 Triple-Digit Taking Assets 33 Submarket Rent Comparison 18 Manhattan Top-Tier Trends 34 Long Island City Rent and Availability Trends 19 Midtown South Top-Tier Trends 35 Long Island City Transformation Statistics 20 Midtown Height Analysis 21 Manhattan Asking Rents by Vintage | 2 3Q15 Office Market Overview New York City Executive Summary The top end of the market continues to be highly active, despite an overall slow-down in leasing activity. Leasing slowed in the third quarter, with quarterly and year-to-date activity down over last year. TAMI and FIRE tenants continue to drive Manhattan, totaling 64% of year-to-date activity. Manhattan asking rents surpassed $70/SF for the first time since 2008, climbing to $70.99/SF in the third quarter, pushed up by landlords re-pricing assets and high-priced blocks of space coming onto the market in Midtown. Prime assets in select Brooklyn submarkets are approaching Downtown Manhattan asking rents. Midtown and Midtown South saw heightened activity in premium-priced space, pushing average taking rents up for the fourth consecutive year. Midtown South has seen the fastest rate of growth among Manhattan’s major markets. As a result, the gap in rents between Midtown and Midtown South has shrunk since the prior market peak. Deal-making at the top end of the market continues to climb, particularly in Midtown South, which is on pace to record the largest volume of top-tier deals by year-end. Almost 14 MSF of development projects are planned and under construction in Manhattan, scheduled for completion by 2020. In Brooklyn and Long Island City, new construction and major renovations are alleviating supply constraints and creating new submarkets. | 3 3Q15 MANHATTAN OFFICE MARKET ANALYSIS Manhattan (MSF) Manhattan Leasing 3 Source: Newmark Grubb Grubb Knight Newmark Source: 10 11 12 13 14 0 1 2 3 4 5 6 7 8 9 Q15 Manhattan Office Market Analysis Market Office Manhattan Q15 3Q05 4Q05 Activity by Activity Market 1Q06 2Q06 Midtown 3Q06 4Q06 1Q07 Frank Research Frank 2Q07 3Q07 4Q07 1Q08 2Q08 Midtown South Midtown 3Q08 4Q08 1Q09 8.7 MSF8.7 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Downtown 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Average Velocity Average 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 years.in two total quarterlyleasing,lowest theof MSF thirdquarter The year. timelastsame the below 18%but25.8MSF, of average 10theabove slightly MSF, Year - to - date leasing totaled 26.6 totaledleasing date of 2015of posted 7.7posted - year year | 5 3Q15 Manhattan Office Market Analysis Top Transactions 3Q15 Lease The ten largest transactions in Company Address Market SF Industry Type 3Q15 were all direct deals. Half J. Walter Thompson 237 Park Avenue Midtown 270,000 Renewal TAMI were relocations. Knight Capital Group 300 Vesey Street Downtown 168,873 Direct New FIRE TAMI and FIRE drove top Horizon Media 75 Varick Street Midtown South 155,652 Expansion TAMI transactions and total leasing. Renewal & Pandora 125 Park Avenue Midtown 103,515 TAMI Top transactions were spread Expansion evenly across Manhattan’s three Expansion LinkedIn 350 Fifth Avenue Midtown South 124,125 TAMI major markets. 28 Liberty Street (formerly Ironshore Downtown 101,958 Direct New FIRE 1 Chase Manhattan Plaza) FIRE WeWork 428 Broadway Midtown South 96,000 Direct New (home to TAMI tenants) Consumer Products Gucci 195 Broadway Downtown 83,964 Direct New Manufacturers - Apparel Moody’s Investor Services 1 World Trade Center Downtown 75,000 Direct New FIRE Memorial Hospital for Cancer & 1 Dag Hammarskjold Plaza Midtown 69,291 Direct New Health Care Allied Diseases Source: Newmark Grubb Knight Frank Research | 6 3Q15 Manhattan Office Market Analysis Industries Driving Demand FIRE and TAMI tenants accounted Leasing by Industry Tenants in the Market for 64% of year-to-date activity. Other Other 10% The industry make-up of tenants in 15% TAMI the market suggests FIRE and TAMI 25% Professional tenants will continue to drive leasing. Services TAMI 18% 30% Professional Services Total SF 12% in the 2015 YTD Market Apparel & Retail 7% Apparel & Retail FIRE 8% 34% FIRE 41% Source: Newmark Grubb Knight Frank Research | 7 3Q15 Manhattan Office Market Analysis Industries Driving New York City Employment Employment by Industry 600,000 TAMI sector employment growth 20% Growth since the trough of the recession has Since 1Q10 550,000 outpaced FIRE and Professional/Business Services. 500,000 Despite this growth, TAMI 9% Growth Since 1Q10 employment has not yet caught up to 450,000 either of the other sectors’ total 400,000 employment. TAMI employment is currently was 42% below Professional/Business Services and 350,000 25% Growth Since 1Q10 28% below FIRE. 300,000 250,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 Professional and Business Services Finance, Insurance, and Real Estate Tech, Advertising, Media, and Information Source: Newmark Grubb Knight Frank Research, New York State Department of Labor | 8 3Q15 Manhattan Office Market Analysis Industries Driving Leasing and Taking Rents Leasing and Taking Rents by Industry Leasing by Industry Taking Rents by Industry 40% $100 35% $80 30% 34% $80.14 30% 30% $72.63 $60 27% $70.59 $68.64 $66.55 $63.92 $62.48 20% $61.04 $58.78 $56.84 $56.40 $53.06 20% $51.86 $51.56 $40 $51.34 $50.92 $50.89 18% 18% 16% $43.02 10% $20 0% $0 2013 2014 2015 YTD 2010 2011 2012 2013 2014 2015 YTD TAMI Professional Services FIRE TAMI Professional Services FIRE * 2014 TAMI rent increase partially attributed to Twitter, Sony and Samsung Source: Newmark Grubb Knight Frank Research | 9 3Q15 Manhattan Office Market Analysis Manhattan Submarket Snapshot PARK AVENUEPARK AVENUE 6TH AVE/ROCKEFELLERGRAND CENTRAL CENTER CHELSEAPARK AVENUE SOUTH Largest deal: Advertising agency J. Largest deal: Pandora renewed and Largest deals: Houghton Mifflin Walter Thompson signed Manhattan’s doubled its occupancy at 125 Park expanded by 45,269 SF at 3 Park largest deal of the third quarter, Avenue for a total of 103,515 SF. Avenue, while William Morris Endeavor renewing its 270,000 SF of space at Two blocks of more than 300,000 SF added 44,000 SF at 11 Madison 237 Park Avenue. came online this quarter: 367,585 Avenue for a total occupancy of Park Avenue availability fell to 9.3% in square feet reached the market at 575 114,425 SF. 3Q15, down from 12.3% in 3Q14. Fifth Avenue, and 302,118 SF became SL Green purchased 11 Madison Citadel negotiated a 200,000 SF lease available at 605 Third Avenue. Avenue in August for $2.6 billion, at 425 Park Avenue, which is expected As a result, availability spiked to 15.4% marking the largest single-building to close in 4Q15 and include a record- in 3Q15 from 11.5% in 3Q14. transaction in Manhattan’s history. high $300/SF for the penthouse. PARKUPPER AVENUE FIFTH / PLAZA DISTRICT CHELSEA HUDSON SQUARE PENN STATION Largest deal: MLB Players Association Largest deal: Horizon Media expanded Largest deal: LinkedIn added 124,125 leased 21,762 SF at 12 E 49th Street. its offices at 75 Varick Street by SF in the Empire State Building for a The addition of premium-priced space 155,652 SF for a total of 313,967 SF. total footprint of 280,000 SF. pushed Upper Fifth/Plaza asking rents One Kings Lane leased 51,576 SF at Two large blocks of space came online up to $121.03/SF, a 14% increase from 315 Hudson Street, expanding by 46% in August: 156,807 SF at 1 Penn Plaza one year ago. from its previous offices at 205 Hudson and 106,574 SF at 2 Penn Plaza. Street. Availability dropped 80 basis points to Availability held stable at 7.6%, the 12.3% from 13.1% this time last year. Asking rents jumped to $78.63/SF and lowest rate since mid-2008. finished up 8% year-over-year. GRAND CENTRALWTC / WFC LOWER 6THFINANCIAL AVENUE DISTRICT FINANCIALTIMES DISTRICT SQUARE SOUTH Largest deal: Knight Capital Group Largest deal: Ironshore took 101,958 Largest deal: WeWork signed 65,000 signed 168,873 SF at 300 Vesey Street SF at 28 Liberty Street in July, SF at 404 Fifth Avenue. to relocate from Jersey City. becoming the first major tenant to lease Asking rents rose to $58.53/SF, No large blocks hit the market in 3Q15. space in the building since Fosun surpassing the previous market peak acquired it in 2013. reached in late 2007. Asking rents increased 13% in five years, ending 3Q15 at $73.31/SF. Availability fell 70 basis points to 13.2%. Source: Newmark Grubb Knight Frank Research | 10 3Q15 Manhattan Office Market Analysis Manhattan Submarket Matrix Total Availability Rate
Load more

Recommended publications
  • How Related Leased 7 Million Square Feet of Office Space at Hudson Yards
    How Related leased 7 million square feet of office space at Hudson Yards March 19,2019 | by Rebecca Baird-Remba When Related Companies began searching for tenants to fill its first, 1.8-million-square-foot office tower at Hudson Yards in 2011, its leasing brokers had to convince companies to move to a neighborhood that was still a hole in the ground. The development firm was in the middle of decking over the 26-acre West Side rail yard and laying the foundations for the first phase of its sprawling, mixed-use development, which would eventually encompass 18 million square feet of commercial and residential space. Stephen Winter, a senior vice president at Related who has led much of the office leasing at Hudson Yards, had to show CEOs that their workers would one day have access to dozens of casual lunch options and restaurants. One day, the hole in the ground would be home to a million square feet of retail—luxury retailers, fast fashion stores, food halls, five star eateries and interactive art exhibits. But none of it was built yet, and back then, asking tenants to lease hundreds of thousands of square feet at Hudson Yards was a gamble. “Six, seven years ago, we had to break through doors and be as persistent as ever,” Winter explained. “It was a totally new place for everyone. It was a blank slate, an open piece of land with rail yards beneath it.” He gave “credit where credit was due” to the first crop of tenants who signed on to 10 Hudson Yards, including Coach, L’Oreal and SAP, which opened as the development’s first office building in 2016.
    [Show full text]
  • COS Cure Notice
    20-10990-mew Doc 218 Filed 07/28/20 Entered 07/28/20 17:40:32 Main Document Pg 1 of 7 S. Jason Teele, Esq. Gregory A. Kopacz, Esq. 101 Park Avenue, 28th Floor New York, New York 10178 (212) 643-7000 (Telephone) (212) 643-6500 (Facsimile) [email protected] [email protected] Counsel to the Debtors and Debtors in Possession UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: Chapter 11 THE NORTHWEST COMPANY, LLC, et al.* Case No. 20-10990 (MEW) Debtors. (Jointly Administered) CERTIFICATION OF SERVICE Gregory A. Kopacz, of full age, certifies as follows: 1. I am not a party to the action, am over the age of eighteen, and am an associate with the firm Sills Cummis & Gross P.C., attorneys for Debtors and Debtors in Possession. 2. On July 24, 2020, I caused copies of the Notice of Proposed Assumption and Assignment of Certain Executory Contracts and Unexpired Leases (the “Notice”) to be served by Federal Express, priority overnight delivery, on the counterparties/addresses listed on Exhibit A attached hereto. Dated: July 28, 2020 New York, New York /s/ Gregory A. Kopacz Gregory A. Kopacz * The Debtors in these Chapter 11 Cases, along with the last four digits of each Debtor’s federal tax identification number, are: The Northwest Company LLC (8132) and The Northwest.com LLC (1339). The location of the Debtors’ service address is: 49 Bryant Avenue, Roslyn, New York 11576. 7390628 20-10990-mew Doc 218 Filed 07/28/20 Entered 07/28/20 17:40:32 Main Document Pg 2 of 7 Exhibit A Counterparty Name Address Marty H.
    [Show full text]
  • CTBUH Journal
    About the Council The Council on Tall Buildings and Urban Habitat, based at the Illinois Institute of Technology in CTBUH Journal Chicago and with a China offi ce at Tongji International Journal on Tall Buildings and Urban Habitat University in Shanghai, is an international not-for-profi t organization supported by architecture, engineering, planning, development, and construction professionals. Founded in 1969, the Council’s mission is to disseminate multi- Tall buildings: design, construction, and operation | 2014 Issue IV disciplinary information on tall buildings and sustainable urban environments, to maximize the international interaction of professionals involved Case Study: One Central Park, Sydney in creating the built environment, and to make the latest knowledge available to professionals in High-Rise Housing: The Singapore Experience a useful form. The Emergence of Asian Supertalls The CTBUH disseminates its fi ndings, and facilitates business exchange, through: the Achieving Six Stars in Sydney publication of books, monographs, proceedings, and reports; the organization of world congresses, Ethical Implications of international, regional, and specialty conferences The Skyscraper Race and workshops; the maintaining of an extensive website and tall building databases of built, under Tall Buildings in Numbers: construction, and proposed buildings; the Unfi nished Projects distribution of a monthly international tall building e-newsletter; the maintaining of an Talking Tall: Ben van Berkel international resource center; the bestowing of annual awards for design and construction excellence and individual lifetime achievement; the management of special task forces/working groups; the hosting of technical forums; and the publication of the CTBUH Journal, a professional journal containing refereed papers written by researchers, scholars, and practicing professionals.
    [Show full text]
  • Return of Private Foundation
    OMB No 1545.0052 Form 990 P F Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation 2007 Department of the Treasury Note : The foundation may be able to use a copy of this return to satisfy state Internal Revenue Service For calendar year 2007, or tax year be ginnin g , 2007 , and endin g I G Check all that apply Initial return Final return Amended return Address change Name change Name of foundation A Employer identification number Use the IRS label THE MANN FOUNDATION INC 32-0149835 Otherwise , Number and street (or P 0 box number if mail is not delivered to street address) Room/suite B Telephone number (see the instructions) print or type 1385 BROADWAY 1 1102 (212) 840-6266 See Specific City or town State ZIP code C If exemption application is pending, check here Instructions. ► NEW YORK NY 1 0 0 1 8 D 1 Foreign organizations , check here ► H Check type of organization Section 501 (c)(3exempt private foundation 2 Foreign organizations meeting the 85% test, check q here and attach computation Section 4947(a ) (1) nonexem p t charitable trust Other taxable p rivate foundation ► foundation status was terminated Accrual E If private ► Fair market value of all assets at end of year J Accounting method Cash X under section 507(b)(1 XA), check here (from Part ll, column (c), line 16) Other (s pecify) _ _ _ _ _ _ _ _ _ _ _ _ F If the foundation is in a 60-month termination (d) on cash basis) under section 507(b)(1)(B), check here ► $ -2,064.
    [Show full text]
  • Seagram Building, First Floor Interior
    I.andmarks Preservation Commission october 3, 1989; Designation List 221 IP-1665 SEAGRAM BUIIDING, FIRST FLOOR INTERIOR consisting of the lobby and passenger elevator cabs and the fixtures and interior components of these spaces including but not limited to, interior piers, wall surfaces, ceiling surfaces, floor surfaces, doors, railings, elevator doors, elevator indicators, and signs; 375 Park Avenue, Manhattan. Designed by Ludwig Mies van der Rohe with Philip Johnson; Kahn & Jacobs, associate architects. Built 1956-58. Landmark Site: Borough of Manhattan Tax Map Block 1307, Lot 1. On May 17, 1988, the landmarks Preservation Commission held a public hearing on the proposed designation as a Landmark of the Seagram Building, first floor interior, consisting of the lobby and passenger elevator cabs and the fixtures and interior components of these spaces including but not limited to, interior piers, wall surfaces, ceiling surfaces, floor surfaces, doors, railings, elevator doors, elevator indicators, and signs; and the proposed designation of the related I.and.mark Site (Item No. 2). The hearing had been duly advertised in accordance with the provisions of law. Twenty witnesses, including a representative of the building's owner, spoke in favor of designation. No witnesses spoke in opposition to designation. The Commission has received many letters in favor of designation. DFSCRIPI'ION AND ANALYSIS Summary The Seagram Building, erected in 1956-58, is the only building in New York City designed by architectural master Iudwig Mies van der Rohe. Constructed on Park Avenue at a time when it was changing from an exclusive residential thoroughfare to a prestigious business address, the Seagram Building embodies the quest of a successful corporation to establish further its public image through architectural patronage.
    [Show full text]
  • Fairytale of New York: Hudson Yards
    September 29th, 2017 Fairytale of New York: Hudson Yards At three times the size of the Rockefeller Center, when it is fully built out, some time around 2040, more than 27m sq ft of new class-A office space, 20m sq ft of new housing, 3m sq ft of hotels and 2m sq ft of retail will have been delivered by developers that include Related Companies, Oxford Properties, Brookfield and Tishman Speyer. Millions of square feet of space have already been completed and leased to blue-chip occupiers, and further significant deals are rumoured to be on the cards. No wonder the Hudson Yards district is one of the hottest property markets in New York City at the moment. So how did a development of this scale and ambition come about, who is doing what in the district and where is Hudson Yards’ new office occupier base being drawn from? Historically the Hudson Yards district consisted of warehousing and industrial space alongside the Manhattan waterfront. The area primarily acted as a rail hub that was fed 747 Third Avenue, Floor 18 New York, NY 10017 212.889.0808 [email protected] marinopr.com by the High Line - which closed years ago and has over the past decade been converted into green public spaces - as well as the Long Island Rail Road. But that all started to change when New York mayor Michael Bloomberg came to power in the early 2000s. “He noted that the average age of commercial office property in Manhattan was north of 75 years and with that in mind, he said, quite correctly, if we’re going to attract the best and brightest in the TAMI [technology, advertising, media and information] sectors, we’ve got to have some new product,” says Bruce Mosler, chairman of global brokerage at Cushman & Wakefield.
    [Show full text]
  • Duane Morris LLP a Delaware Limited Liability Partnership 1540 Broadway New York, NY 10036 Tel: (212) 692.1000 Fax: (212) 208.4521 William C
    12-12900-scc Doc 2 Filed 07/09/12 Entered 07/09/12 18:46:41 Main Document Pg 1 of 4 Duane Morris LLP A Delaware Limited Liability Partnership 1540 Broadway New York, NY 10036 Tel: (212) 692.1000 Fax: (212) 208.4521 William C. Heuer, Esq. and 190 South LaSalle Street Suite 3700 Chicago, IL 60603 Tel: (312) 499.6700 Fax: (312) 499.6701 John Robert Weiss, Esq. Counsel for Sovereign Bank, N.A. UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ------------------------------------------------------------------- x In re: : Chapter 11 : PATRIOT COAL CORPORATION, : Case No. 12-12900 (SCC) : : Debtor. : ------------------------------------------------------------------- x NOTICE OF APPEARANCE AND REQUEST FOR SERVICE PLEASE TAKE NOTICE that Duane Morris LLP hereby appears in the above- referenced Chapter 11 case as attorneys for Sovereign Bank, N.A., and pursuant to Bankruptcy Rules 2002 and 9010(b) and § 1109(b) of the Bankruptcy Code, requests that copies of all notices and pleadings given or required in this case be given and served upon the following at the below addresses and facsimile numbers: John Robert Weiss William C. Heuer DUANE MORRIS LLP DUANE MORRIS LLP 190 South LaSalle Street, Suite 3700 1540 Broadway Chicago, IL 60603 New York, NY 10036 Tel: (312) 499-6700 Tel.: (212) 692.1000 Fax: (312) 499.6701 Fax: (212) 208.4521 DM3\2235074.1 12-12900-scc Doc 2 Filed 07/09/12 Entered 07/09/12 18:46:41 Main Document Pg 2 of 4 PLEASE TAKE FURTHER NOTICE that the foregoing request includes not only the notices and papers referred to in the Bankruptcy Rules specified above, but also includes without limitation, any notice, application, complaint, demand, motion, petition, pleading or request, whether formal or informal, written or oral, and whether transmitted or conveyed by mail, delivery, telephone, electronically or otherwise filed or made with regard to the above-captioned case and proceedings therein.
    [Show full text]
  • Asking Rents Remain Stable Despite Faltering Leasing Activity
    MARKETVIEW SNAPSHOT Midtown Manhattan Office, May 2020 Asking rents remain stable despite faltering leasing activity Figure 1: Midtown Market Activity Apr. 2020 Mar. 2020 Apr. 2019 YTD 2019 YTD 2020 Leasing Activity 0.40 MSF 0.85 MSF 1.85 MSF 5.77 MSF 4.50 MSF Renewals 0.28 MSF 0.22 MSF 0.48 MSF 1.47 MSF 1.56 MSF Absorption (0.11) MSF (0.25) MSF 0.20 MSF (1.22) MSF (1.27) MSF Availability Rate 11.8% 11.8% 10.7% Vacancy Rate 8.0% 7.9% 7.6% Average Asking Rent $87.77 PSF $87.00 PSF $88.20 PSF Taking Rent Index 92.8% 93.2% 94.0% Source: CBRE Research, May 2020. MARKET HIGHLIGHTS • Monthly leasing activity totaled 405,000 sq. ft., 72% below the five-year monthly average of 1.43 million sq. ft. • Year-to-date leasing activity was down 22% from the same period last year. • Renewals totaled 277,000 sq. ft. in April, bringing the year-to-date total to 1.56 million sq. ft. • The availability rate was flat month-over-month but up 110 basis points (bps) year-over-year. • Net absorption was negative 109,000 sq. ft. in April, bringing the year-to-date total to negative 1.27 million sq. ft. • The average asking rent was essentially flat both month-over-month and year-over-year. • Sublease availability was 2.5%, with an average asking rent of $66.63 per sq. ft., up 18% year-over-year. Figure 2: Top Lease Transactions Size (Sq.
    [Show full text]
  • Who Are NYC's Most Active Developers?
    Who are NYC’s most active developers? The Real Deal ranked the top 10 December 27, 2018 | By Kathryn Brenzel and Kevin Sun The companies behind two mega-developments on Manhattan’s far West Side are the city’s busiest developers — and will likely remain so for the next few years. Related Companies and Brookfield Property Partners are the top two most active developers in the city in terms of the scale of their ongoing projects. Related and Brookfield are respectively being kept busy by their massive mixed-use proj- ects, Hudson Yards and Manhattan West. The Real Deal compiled a list of the city’s busiest developers of new construction, based on building permits issued by the Department of Buildings. Only projects with active permits that have not yet been issued a temporary certificate of occupancy (TCO) as of Dec.19 were included. Alterations were not included in developers’ total square footages or project counts. Here are the top 10 most active developers by square footage, as represented in DOB filings. 1. Related Companies Square footage: 6 million Number of projects: 9 Related’s largest ongoing project is 415 10th Avenue, better known as 50 Hudson Yards. The 2.2 million-square-foot office tower has been the target of multiple protests over the past year, due to the developer’s decision to use both union and nonunion construction labor on the project. Related’s second-largest ongoing project is another office tower at 550 West 34th Street, better known as 55 Hudson Yards. 2. Brookfield Property Partners Square footage: 4 million Number of projects: 4 Brookfield’s largest ongoing project is One Manhattan West, a 2 million-square–foot-plus office tower on Ninth Avenue.
    [Show full text]
  • Brochure Show the Situation During Formwork Assembly and Are Therefore Incomplete from the Safety Aspect
    Understanding how to build high faster. Formwork solutions for your highrise project The Formwork Experts. _Understanding your highrise project as a partner _Understanding the construction process truly and being knowledgeable about it is the prerequisite for being a partner in the construction industry. We have this un- derstanding from the initial planning stage through to completion of construction. _Understanding such as this is based on more than 40 years' experience in self- climbing technology and more than 1,000 highrise projects successfully realised worldwide. Construction of the world’s tallest building, the Burj Khalifa in Dubai, 828 metres tall, is an outstanding example. With this comprehensive know-how, we are well-qualified to be your high- performing and reliable partner in highrise construction. 2 Doka is able to look back on a long history of _ understanding. Listening intently, understanding the world as seen through the eyes of our custom- ers, learning to understand all aspects and thinking ahead. We are passionate about not being satisfied with the first solution that might get the job done. Rather, we continue fine-tuning it until we come up with a true benefit for our customers. This is the only way a small woodworking shop could grow into a globally operating form- work company, known by the brand name Doka since 1956. "Thanks to the reliable technology and efficient on-site support provided by Doka, we were able to meet the schedule of Colombo Costruzioni S.p.A. with its detailed plan for completion of the Torre Isozaki build in Milan. As a result, we were able to shorten the original schedule for finishing the building shell by approximate- ly three months." Gianfranco Cesana, Engineering Manager for Colombo Important information: Always observe all relevant safety regulations (e.g.
    [Show full text]
  • Hudson Yards 2019-30HY Mortgage Trust Table of Contents
    JUNE 2019 STRUCTURED FINANCE: CMBS PRESALE REPORT Hudson Yards 2019-30HY Mortgage Trust Table of Contents Capital Structure 3 Transaction Summary 3 Rating Considerations 5 DBRS Viewpoint 5 Strengths 6 Challenges & Considerations 6 Property Description 8 Tenant and Lease Summary 9 Market Overview 10 Local Economy 10 Office Market 11 Office Submarket Description 12 Competitive Set 13 5 Manhattan West 13 55 Hudson Yards 13 10 Hudson Yards 13 441 Ninth Avenue 13 1 Manhattan West 14 The Farley Building 14 50 Hudson Yards 14 Sponsorship 14 DBRS Analysis 15 Site Inspection Summary 15 DBRS NCF Summary 16 DBRS Value Analysis 17 DBRS Sizing Hurdles 17 Loan Detail & Structural Features 18 Transaction Structural Features 19 Methodology 20 Surveillance 21 Chandan Banerjee Edward Dittmer Senior Vice President Senior Vice President +1 (212) 806 3901 +1 212 806 3285 [email protected] [email protected] Kevin Mammoser Erin Stafford Managing Director Managing Director +1 312 332 0136 +1 312 332 3291 [email protected] [email protected] HUDSON YARDS 2019-30HY JUNE 2019 Capital Structure Description Rating Action Class Amount Subordination DBRS Rating Trend Class A New Rating – Provisional 348,695,000 35.831% AAA (sf) Stable Class X New Rating – Provisional 389,169,000 -- AAA (sf) Stable Class B New Rating – Provisional 40,474,000 28.383% AA (high) (sf) Stable Class C New Rating – Provisional 38,758,000 21.507% A (high) (sf) Stable Class D New Rating – Provisional 147,887,000 10.621% A (low) sf Stable Class E New Rating – Provisional 144,286,000 0.000% BBB (sf) Stable Class RR NR 30,320,000 0 NR Stable RR Interest NR 7,580,000 0 NR Stable 1.
    [Show full text]
  • PATHFINDERS DATA MAPS Chart Course to $100B Biz PAGE 4 CRAIN’S® NEW YORK BUSINESS
    20150824-NEWS--0001-NAT-CCI-CN_-- 8/21/2015 6:18 PM Page 1 PATHFINDERS DATA MAPS chart course to $100B biz PAGE 4 CRAIN’S® NEW YORK BUSINESS VOL. XXXI, NOS. 34, 35 WWW.CRAINSNEWYORK.COM DOUBLE ISSUE AUGUST 24-SEPTEMBER 6, 2015 PRICE: $3.00 Tech jobs, Chinese tourism and speeding tickets—all up. Pedestrian deaths and hotel vacancies? Down. Our annual data deep-dive starts on PAGE 12 34 5 greg hall greg NEWSPAPER 71486 01068 0 B:11.125” T:10.875” S:10.25” Your business deserves B:14.75” the best T:14.5” S:14” network. Trade in your phone. Buy a Droid Turbo. Get $350. Until August 31st. New 2-yr. activation on $34.99+ plan req’d. $350=$200 bill credit + $150 smartphone trade-in credit (account credits applied within 2-3 billing cycles). Trade in must be in good working condition. $1999 (32 GB) New 2-yr. activation on $24.99+ plan req’d. Offer expires 9/30/15. findmyrep.vzw.com Bill credit will be removed from account if line is suspended or changed to non-qualifying price plan after activation. Activation fee/line: $40. IMPORTANT CONSUMER INFORMATION: Corporate Subscribers Only. Subject to Major Acct Agmt, Calling Plan, & credit approval. Up to $350 early termination fee/line. Offers & coverage, varying by svc, not available everywhere; see vzw.com. While supplies last. Restocking fee may apply. DROID is a trademark of Lucasfilm Ltd. and its related companies. Used under license. © 2015 Verizon Wireless. I7812 Project Title: New York Crains Team Proof Approval Job Number New York Crains Inks Side 1 CMYK Full Size (W” X H”) Reduced Size (W” X H”) (Initial and Date) Job Type Ad Inks Side 2 n/a Scale 1” 1” Art Director None Project New York Crains Finishing None Resolution 300 dpi 300 dpi Copywriter None Version Code None Template None Bleed 11.125” x 14.75” 11.125” x 14.75” Studio None 125 E.
    [Show full text]