DOCSLIB.ORG

Presentation Deck

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Presentation Deck THE VALUE OF AWARDED DESIGN IN REAL ESTATE ASSET PRICING The Value of Awarded Design in Real Estate Development Minkoo Kang 1 ABstract Awarded design is based on the achievement of This study investigates the architect/architecture firm receiving prestigious the financial performance awards from the industry. To measure financial performance, I use several datasets, RCA, of awarded architectural Compstak, and NYC public data for New York design for commercial City. To identify awarded design and compare it to non-awarded design, I employ a matched-pair office buildings in analysis. I find 846 building transactions with 89 Manhattan, New York. awarded design transactions that are matched geographically to 757 nonawarded design transactions within a quarter mile radius over the 2000 to 2017 period. The results of the multivariate hedonic analysis suggest that, office buildings designed by awarded architects have a statistically and economically significant transaction premium of 23.1 percent, ceteris paribus, with a model that explains just under 90 percent of the variation in transaction price. Results of this analysis are intended as way for designers to have agency in the design build development practice and for developers and investors to understand the value of engaging in awarded design effects ■ The Value of Awarded Design in Real Estate Development 2 Table of Contents III studying THE value OF DESIGN methods I SETTING THE ARCHITECTURAL data STAGE IDENTIFYING awarded OBstacle & INTENTION architects & FIRMS II WHY (still) NY? control group data WHY now: descriptive statistics CURRENT climate OF DESIGN IN THE Built environment methodology MONEY & DESIGN: results: how finance/economics awarded DESIGNS AND DEFINE DESIGN transaction PRICES stepping stone conclusion The Value of Awarded Design in Real Estate Development 3 01 SETTING THE ARCHITECTURAL STAGE The Value of Awarded Design in Real Estate Development NEW YORk 2020: A SEA OF DESIGN As part of its latest development report, real estate agency Cityrealty reported while fewer devel- opers in 2016 are signing on to build sky-grazing towers, condominium prices are still on an upward trajectory with antic- ipated sales totaling roughly $30 billion through 2019. Source: A look into the future: a render of Manhattan. Photograph: CityRealty The Value of Awarded Design in Real Estate Development Setting the Architectural Stage 5 w OBSTACLES From Single Discipline Set of Understandings REAL ESTATE ARCHITECTURE INVESTMENT DESIGN DESIGN DEVELOPMENT DESIGN Design is no longer The real estate development Design is multi-faceted, a foreign concept for industry is actively re-inventing highly specialized, investors. their relationship with design. and interdisciplinary The Value of Awarded Design in Real Estate Development Setting the Architectural Stage 6 w INTENTION To a Shared Knowledge Platform INVESTMENT & DESIGN REAL ESTATE ARCHITECTURE DEVELOPMENT This study intend to broaden the scope of understanding the value of design by adding substantially more driving factors in the real estate transaction pricing process. The Value of Awarded Design in Real Estate Development Setting the Architectural Stage 7 OBSTACLES & INTENTION In recent years, due to increased market educa- From Single Discipline tion and growth in number of leading examples, Set of Understandings investing in high quality design became a stan- dard for the real estate market in New York City. To a Shared Knowledge Despite the growing interest, however, a limited Platform number of studies and discussions have been generated to help create a shared value sur- rounding the subject of design. INVESTMENT To resolve this issue, we find and measure the architectural legacy of the architects of New York City buildings and pair that with financial data. This study intend to broaden the scope of under- standing the value of design by adding substan- tially more driving factors in the real estate trans- DESIGN action pricing process by incorporating buyer and seller decisions for all of the transactions over time, specifying the type of awards, and adding information on architects to every building in the REAL ESTATE ARCHITECTURE sample data set. The added measures improved DEVELOPMENT our model's ability to explain the variation in trans- action price ■ The Value of Awarded Design in Real Estate Development Setting the Architectural Stage 8 02 WHY (STILL) NEW YORK? The Value of Awarded Design in Real Estate Development The year 2018, marked the highest construction spending New York has ever witnessed in its history. The Value of Awarded Design in Real Estate Development Why (Still) New York? 10 w FIGURE 1 Annual Construction Spending in New York City, 2001-2020 (in billion) 60 Government 40 30 Non-residential 20 10 Residential 5 Source: Dodge Data & Analyt- ics, NYS Department of Laber, public sec- tor capital budgets. 0 U.S. Census Bureau, Urbanomics 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 The Value of Awarded Design in Real Estate Development Why (Still) New York? MSRED 2019 11 As of June 2018, buyers of the condominiums designed by Pritzker prize laureates paid an average $3,126 / SF The Value of Awarded Design in Real Estate Development Why (Still) New York? 12 w FIGURE 2 Star-Architect Condo Price Change Summary During Past 5 Years Current Price Avg. Price/Ft2 based on 138 closings in the past 12 months 3000 3015 3097 2782 2787 2500 2517 2000 1969 Source: 1500 CityRealty Starchitect Condo Index (https:// www.cityrealty.com/ nyc/building-indices/ 0 starchitect-condos/ building-list/112) 2013 2014 2015 2016 2017 2018 The Value of Awarded Design in Real Estate Development Why (Still) New York? MSRED 2019 2019 13 NYC OPEN data law The continuing effort to open the city’s database encouraged and boosted researchers to better understand the built environment, as demonstrat- ed in “Open Data Law”, NYC’s recent endeavor to consolidate all public data into a single, eas- ily-accessible platform. The database and the advanced data processing technology available today is opening a new horizon in understanding the price dynamics of the building industry in any given time ■ Analytics Analytics Source: Twitter, https://twitter. com/mikebloomberg/ status/44375346548 8367617?lang=en The Value of Awarded Design in Real Estate Development Why (Still) New York? 14 03 WHY NOW: CURRENT CLIMATE OF DESIGN IN THE BUILT- ENVIRONMENT The Value of Awarded Design in Real Estate Development DESIGN development companies IN NEW yorK The real estate development industry is actively re-inventing their relationship with design. The two most well known design development companies in New York are Alloy Development and ddg, established in 2006 and 2009 respectively, have archi- tects as owners/partners of the Mortar Arch + Dev ALLOY Development LLC DDG Partners business. Similar to the role of (2003) (2006) (2009) creative directors in the fash- ion industry, they take charge in managing the design from its inception to completion on behalf CEO Chairman CEO President of the development company’s (Architecture) (Finance) (Finance) (Development) interest. Founder (Architecture & Development) President COO Chief Creative Officer (Architecture & Construction) (Development & (CCO, Architecture) Finance) Source: Design Development Firms in New York 167 Eagle Street N/A One John Street 130,000sf 8 Octavia 71,000sf (The diagram shows the interdisciplinary 91 Diamond Street N/A Dumbo Townhouses 18,000sf 400 Grove 36,070sf management struc- 873 Pacifc Street N/A 185 Plymouth Street 24,000sf 450 Hayes 80,000sf ture of design devel- opment companies in 585 Union Ave N/A 192 Water Street 19,600sf 235 Valencia 20,000sf New York City) 356 Baltic Street N/A 459 West 18th Street 31,000sf 3550 South Ocean 90,000sf 167 Devoe Street N/A 450 Hudson Boulevard 39,518sf 41 Bond St 22,000sf 764 Metropolitan Ave N/A Glenmore Gardens 22,000sf 345 Meatpacking 8,000sf The Value of Awarded Design in Real Estate Development245 Manhattan Ave N/A Why Now: Current Climate of DEsign in the12 Built Warren Environment N/A 16 324 East 4th Street N/A XOCO 325 N/A Ironwood N/A 100 Franklin N/A 504 Humboldt Street N/A 180 East 88th N/A 139 Meserole Street N/A 532 West 20th N/A 292 Manhattan N/A The Standish N/A 100 Gold N/A 294 Ainsle Street N/A DESIGN development companies IN NEW yorK The Business Design is no longer a foreign Value of Design concept for the investors as well. Investors have been witnessing the appreciation of design from the market and how that trans- lates into additional profit for their investment. Since 1982, few ac- ademic studies from real estate finance and economics have attempted to uncover the in- "Design is more than a feeling: vestment premiums related with well-designed buildings. There it is a CEO-level priority for growth are some differences in the sub- ject market, building product, and and long-term performance." the methods used to measure the value of design, however, the results unequivocally show on average 20% sales premium for well-designed buildings. Source: Twitter, https://twitter. com/mikebloomberg/ status/44375346548 8367617?lang=en The Value of Awarded Design in Real Estate Development Why Now: Current Climate of DEsign in the Built Environment 17 w FIGURE 3 Annual Compensation for All Architectural Staff Position Over Time (in 2015 Dollars) Note 120K 6% According to the 2015 AIA Compensation Survey, the average compensation for architectural staff positions is still 100K 5% recovering from the Great Recession. The report, found that average compensa- 79,400 tion for staff positions 75,000 76,700 rose 3.5 percent 80K 4% since early 2013 (or 73,400 1.75 percent per year). This growth is up from 62,600 the Great Recession, 56,800 during which annu- 60K 3% al compensation 48,900 increased an average of less than 1 per- cent, but moderate 41,900 compared to the past two decades, when 40K 36,500 2% annual compensation increases ranged between 4 and 5 Compensation (in USD) Average percent.
Load more

Recommended publications
  • Pritzker Architecture Prize Laureate
    For publication on or after Monday, March 29, 2010 Media Kit announcing the 2010 PritzKer architecture Prize Laureate This media kit consists of two booklets: one with text providing details of the laureate announcement, and a second booklet of photographs that are linked to downloadable high resolution images that may be used for printing in connection with the announcement of the Pritzker Architecture Prize. The photos of the Laureates and their works provided do not rep- resent a complete catalogue of their work, but rather a small sampling. Contents Previous Laureates of the Pritzker Prize ....................................................2 Media Release Announcing the 2010 Laureate ......................................3-5 Citation from Pritzker Jury ........................................................................6 Members of the Pritzker Jury ....................................................................7 About the Works of SANAA ...............................................................8-10 Fact Summary .....................................................................................11-17 About the Pritzker Medal ........................................................................18 2010 Ceremony Venue ......................................................................19-21 History of the Pritzker Prize ...............................................................22-24 Media contact The Hyatt Foundation phone: 310-273-8696 or Media Information Office 310-278-7372 Attn: Keith H. Walker fax: 310-273-6134 8802 Ashcroft Avenue e-mail: [email protected] Los Angeles, CA 90048-2402 http:/www.pritzkerprize.com 1 P r e v i o u s L a u r e a t e s 1979 1995 Philip Johnson of the United States of America Tadao Ando of Japan presented at Dumbarton Oaks, Washington, D.C. presented at the Grand Trianon and the Palace of Versailles, France 1996 1980 Luis Barragán of Mexico Rafael Moneo of Spain presented at the construction site of The Getty Center, presented at Dumbarton Oaks, Washington, D.C.
    [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]
  • FLI Schedules - 1-16-07 in Re: FABRIKANT-LEER INTERNATIONAL, LTD., Debtor
    United States Bankruptcy Court Southern District of New York In re: FABRIKANT-LEER INTERNATIONAL, LTD., Debtor. Case No. 06-12739 (SMB) Chapter 11 SUMMARY OF SCHEDULES Indicate as to each schedule whether that schedule is attached and state the number of pages in each. Report the totals from Schedules A, B, D, E, F, I, and J in the boxes provided. Add the amounts of all claims from Schedules A and B to determine the total amount of the debtor’s assets. Add the amounts of all claims from Schedules D, E, and F to determine the total amount of the debtor’s liabilities. Individual debtors must also complete the “Statistical Summary of Certain Liabilities and Related Data” if they file a case under chapter 7, 11, or 13. ATTACHED NO. OF NAME OF SCHEDULE ASSETS LIABILITIES OTHER (Yes/No) SHEETS A - Real Property Yes 1 $ 0 B - Personal Property Yes 4 149,451,077 C - Property Claimed as Exempt Yes 1 D - Creditors Holding Secured Claims Yes 1 $ 161,947,902 E - Creditors Holding Unsecured Priority Claims (Total of Claims of Yes 2 390,177 Schedule E) F - Creditors Holding Unsecured Yes 2 119,861,635 Non Priority Claims G - Executory Contracts and Yes 1 Unexpired Leases H - Codebtors Yes 1 I - Current Income of Individual Debtor(s) Yes 1 N/A J - Current Expenditures of Individual Yes 1 N/A Debtor(s) TOTAL 15 $149,451,077.20 $282,199,714.42 FLI Schedules - 1-16-07 In re: FABRIKANT-LEER INTERNATIONAL, LTD., Debtor. Case No. 06-12739 (SMB) Chapter 11 SCHEDULE A - REAL PROPERTY Except as directed below, list all real property in which the debtor has any legal, equitable, or future interest, includingall property owned as a co-tenant, community property, or in which the debtor has a life estate.
    [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]
  • The New Executive Offices Represent the New Standard for Boutique Office Space in New York City
    The new Executive Offices represent the new standard for boutique office space in New York City. The entry features an iconic 93-foot glass totem that reflects the spirit and design of the soaring 96-story residential tower at 432 Park Avenue. The offices are exceptionally spacious, with large column-free spans, flexible floor plates and ceiling heights of more than fifteen feet. Uninterrupted floor-to-ceiling windows allow for an abundance of natural light to illuminate each space. Strong, expansive and sleek, the floors offer the highest-quality office space for the most demanding tenants. 432 Park Avenue Executive Offices & Retail Entry Diagram Angled Entry & Iconic Glass Totem Private Lobby Angled Entry & Iconic Glass Totem Reception Private Corner Office Analysts/Trading Conference Room Collaborative Seating Area Analysts/Trading/Support Abundant Natural Light 12'-6" 15'-6" Vision Finished Slab to Slab Glass Ceiling Height 9'-0" 10'-6" Vision Finished Slab to Slab Glass Ceiling Height 432 Park Avenue Executive Offices Traditional Office Typical Section at Curtain Wall Typical Section at Curtain Wall with Perimeter PTAC Building Facts Location Floor Sizes Electrical Located at the base of 432 Park 4 levels of 17,600+ RSF per floor Approximately 12 watts per sq ft Avenue Tower, the Western exclusive of base building load; 460 Hemisphere’s tallest residential Finished Ceiling Heights volt, 3 phase main service with building at 1,396' tall 12'-6" redundant Con Edison feeds Design Slab to Slab Heights HVAC Iconic entry design with 93' tall cut 15'-6" Roof mounted 675 ton cooling tower out and glass totem for condenser water system dedicated Column Spacing Modern private lobby featuring for commercial/retail units.
    [Show full text]
  • 53 West 53 Fact Sheet
    53 West 53 Fact Sheet This fact sheet was downloaded on Saturday September 25, 2021 from The Skyscraper Center. Please visit the CTBUH website for more on tall buildings. view building webpage Images Facts Official Name 53 West 53 Former / Other Name Tour de Verre / 53W53, 53 West 53 Above MoMA, MoMA Expansion Tower No image to display Type building Status completed Country City New York City Street Address 53 West 53rd Street Building Function residential Structural Material concrete Proposed 2006 Start of Construction 2015 Completion 2019 Global Ranking #109 tallest building in the world Regional Ranking #14 tallest building in North America National Ranking #14 tallest building in City Ranking #7 tallest building in New York City Official Website http://www.53w53.com/ Companies Figures Owners Height: Architectural 320.07 meter / 1050.10 feet • Current Goldman Sachs; Hines; Pontiac Land Height: Occupied 271.27 meter / 889.99 feet Group Height: To Tip 320.07 meter / 1050.10 feet Developer Hines Floors Above Ground 77 Architects Floors Below Ground 2 • Design Ateliers Jean Nouvel # of Elevators 6 • Architect of Record AAI Architects, P.C.; SLCE Architects Top Elevator Speed 7.1 m/s Structural Engineer WSP Tower GFA 67,355 m sq. / 725,003 ft sq. MEP Engineer WSP # of Apartments 162 Main Contractor Lendlease Corporation Other Consultants • Building Monitoring Vidaris, Inc. • Civil Langan Engineering • Damping GERB Vibration Control Systems, Inc • Energy Concept Vidaris, Inc. • Environmental Langan Engineering • Façade Vidaris, Inc. • Geotechnical Langan Engineering • Interiors The Office of Thierry W Despont Ltd. • Land Surveyor Langan Engineering • Landscape Patrick Blanc • Marketing Corcoran Sunshine Marketing Group; Knightsbridge Strategies • Roofing Vidaris, Inc.
    [Show full text]
  • City Plots Huge Land Deal with U.N. Garment Center Rezoning Shelved
    20100614-NEWS--0001-NAT-CCI-CN_-- 6/11/2010 8:11 PM Page 1 REPORT HEALTH CARE HE’S THE MR. FIX-IT OF THE HOSPITAL BIZ And now he’s set his sights on Manhattan P. 15 ® Plus: a new acronym! P. 15 INSIDE VOL. XXVI, NO. 24 WWW.CRAINSNEWYORK.COM JUNE 14-20, 2010 PRICE: $3.00 TOP STORIES Gulf oil disaster Garment spills into NY lives center PAGE 2 High expectations for NYC’s tallest rezoning apartment tower PAGE 3 shelved Wall Street’s Protests, new views on summer bummer area’s value block plans IN THE MARKETS, PAGE 4 to decimate district Why LeBron James can have his cake BY ADRIANNE PASQUARELLI and eat it, too after months of protests, New York NEW YORK, NEW YORK, P. 6 City is quietly backing away from a se- ries of highly controversial proposals to rezone the 13-block garment center. Among those was a plan announced BUSINESS LIVES last April that would have taken the 9.5 million-square-foot manufacturing district and sewn it into a single 300,000-square-foot building on West 38th Clocking Street. $10B getty images “We always knew ANNUAL BY JEREMY SMERD that was kind of a CONTRIBUTION to the ridiculous proposal,” New York City in march 2003, executives at software company says Nanette Lepore, a economy Science Applications International Corp. were fashion designer who GOTHAM GIGS CityTime scrambling for a way out of a deal with the city to has been at the forefront of the battle to build a timekeeping system for its 167,000 munic- fight rezoning of the district.
    [Show full text]
  • Defining Architectural Design Excellence Columbus Indiana
    Defining Architectural Design Excellence Columbus Indiana 1 Searching for Definitions of Architectural Design Excellence in a Measuring World Defining Architectural Design Excellence 2012 AIA Committee on Design Conference Columbus, Indiana | April 12-15, 2012 “Great architecture is...a triple achievement. It is the solving of a concrete problem. It is the free expression of the architect himself. And it is an inspired and intuitive expression of the client.” J. Irwin Miller “Mediocrity is expensive.” J. Irwin Miller “I won’t try to define architectural design excellence, but I can discuss its value and strategy in Columbus, Indiana.” Will Miller Defining Architectural Design Excellence..............................................Columbus, Indiana 2012 AIA Committee on Design The AIA Committee on Design would like to acknowledge the following sponsors for their generous support of the 2012 AIA COD domestic conference in Columbus, Indiana. DIAMOND PARTNER GOLD PARTNER SILVER PARTNER PATRON DUNLAP & Company, Inc. AIA Indianapolis FORCE DESIGN, Inc. Jim Childress & Ann Thompson FORCE CONSTRUCTION Columbus Indiana Company, Inc. Architectural Archives www.columbusarchives.org REPP & MUNDT, Inc. General Contractors Costello Family Fund to Support the AIAS Chapter at Ball State University TAYLOR BROS. Construction Co., Inc. CSO Architects, Inc. www.csoinc.net Pentzer Printing, Inc. INDIANA UNIVERSITY CENTER for ART + DESIGN 3 Table of Contents Remarks from CONFERENCE SCHEDULE SITE VISITS DOWNTOWN FOOD/DINING Mike Mense, FAIA OPTIONAL TOURS/SITES
    [Show full text]
  • BLOOMBERG BUSINESS February 16, 2016 Citadel Leases Anchor Space at New Tower on NYC's Park Avenue
    February 16, 2016 http://www.bloomberg.com/news/articles/2016-02-16/citadel-leases-anchor-space-at-new-tower-on-nyc-s-park- avenue Citadel Leases Anchor Space at New Tower on NYC's Park Avenue by David M Levitt Hedge fund firm Citadel LLC signed a lease to anchor a new skyscraper that’s under construction on Manhattan’s Park Avenue, the first new office building to be built on the pricey corridor in almost four decades. The deal, reached late last week, entitles the $25 billion firm founded by Kenneth Griffin to a little more than 200,000 square feet (18,600 square meters) of office space at 425 Park Ave., said David Levinson, chairman of L&L Holding Co., the developer of the 670,000-square-foot tower. The lease includes the penthouse floor, which will have 38-foot (12-meter) glass ceilings and views of Central Park. Citadel also will occupy the two floors below the penthouse and space in the center of the Norman Foster-designed skyscraper, Levinson said. It’s a “great relief” to have “a complete, closed transaction” with Citadel, given the current turmoil in the stock market, Levinson said in a phone interview. “For a financial company as good as they are, to make a deal like this with all the turbulence in the world, is a very strong statement for New York City, and their view of the world economically.” The lease helps validate L&L’s decision to start work on the new tower -- on the east side of Park Avenue between 55th and 56th streets – before having any tenant commitments, a process known as building “on spec” and that’s regarded as risky in the real estate industry.
    [Show full text]
  • Citicorp Center + Citigroup Center + 601 Lexington (Current)
    http://www.601lexington.com/gallery/?pp_fID_1156=504 Ana Larranaga | Allie McGehee | Lisa Valdivia | Madison Van Pelt | Yiwen Zhang Location: 601 Lexington Avenue + 54th Street, New York NY 10022 Other Names: CitiCorp Center + CitiGroup Center + 601 Lexington (Current) Architects: Hugh Stubbins, William LeMessurier Chief Structural Engineer: William LeMessurier Years Built: 1974 - 1977 Year Opened: 1977 Cost: $195,000,000 http://adamkanemacchia.com/gallery/home/_akm0205-edit/ - CitiCorp Center is the first skyscraper in the U.S to be built with a tuned mass damper - The tower is the 6th highest building in NYC - The building was built for commercial office - Design for the building was drawn by William LeMessurier on his restaurant napkin - The office lobby was renovated in 1997 and a new lobby was built in 2010 - The structure was being fixed secretly at night Born: January 11th, 1912 - July 5th 2006 Birthplace: Birmingham, Alabama Education: Georgia Institute of Technology(Undergrad) Harvard University (Masters) Firm: Hugh Stubbins and Associates (won one of the 1st AIA Firm Awards) Projects: CitiCorp Center, Boston’s Federal Reserve Bank, Ronald Reagan Presidential Library, Landmark tower in Yokohama Awards: Gold Medal (Tau Sigma Delta), Honor Award AIA 1979 Born: June 1926 - June 2007 Birthplace: Pontiac, Michigan Education: Harvard University(BA Mathematics), Harvard Graduate School of Design, MIT (Masters in Engineering) Firm: LeMessurier Consultants Projects: Mah - LeMessurier System, Staggered Truss System, Tuned Mass Damper,
    [Show full text]
  • Shieldalloy Metallurgical Corporation, US Bankruptcy Court Southern
    WEIL, GOTSHAL & MANGES LLP PRESENTMENT DATE : Attorneys for Debtors March 8, 1996 in Possession 12:OO noon 767 Fifth Avenue New York, New York 10153 (212) 310-8000 John J Rapisardi, Esq. (JR-7781) UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ............................. -X Chapter 11 Case Nos. In re 93 B 44468 (JLG) 93 B 44469 (JLG) METALLURG, INC., and (Jointly Administered) SHIELDALLOY METALLURGICAL CORPORATION, Debtors. ____________________~---------X NOTICE OF PROPOSED ORDER PURSUANT TO SECTION ll2l(d) OF THE BANKRUPTCY CODE EXTENDING DEBTORS' EXCLUSIVE PERIOD IN WHICH TO SOLICIT ACCEPTANCES OF A PLAN OF REORGANIZATION PLEASE TAKE NOTICE that upon the annexed motion, dated February 29, 1996 (the IfMotionlt)of Metallurg, Inc. (I1Metallurgt1)and Shieldalloy Metallurgical Corporation (ttShieldalloytt),as debtors and debtors in possession in the above captioned cases (collectively, the "Debtors"), for an order, pursuant to section ll2l(d) of title 11, United States Code (the "Bankruptcy Code"), extending the period during which the Debtors shall have the exclusive right to solicit acceptances of their plan of reorganization to and including July 15, 1996, the undersigned will present for signature the attached order to the Honorable James L. 5'603180375 960308 PDR AD(3CK 04007102 c PDR NY FS05.. .: \40\63140\0003\1622\N012226J .43A Garrity on &&-,1996 at 12:OO noon) in Room 610-2 of the United States Bankruptcy Court, Alexander Hamilton Customs 0 House, One Bowling Green, New York, New York 10004, PLEASE TAKE FURTHER
    [Show full text]