Office

Citigroup In Contract To Acquire Their 39-Story, 2.7-Million Square-Foot Headquarters At 388-390 Greenwich Street, TriBeCa

4:00 pm on February 4, 2016 By Reid Wilson

In early 2015, renderings were revealed of the planned renovations at Citigroup’s headquarters at 388-390 Greenwich Street, in TriBeCa, and now the company is in contract to acquire the the 39-story, 2.7-million square-foot office complex. According to Real Estate Weekly, Citigroup will purchase the properties from SL Green Realty Corp. for $2 billion. The renovations include connecting the tower portion at 388 Greenwich to the 10-story structure at 390 Greenwich. The transformation will include a new façade on large portions of the existing buildings, a single lobby that serves both sections, plaza renovations, a rooftop terrace, and amenities like a fitness center. The sale is expected to close in December of 2017 and renovations should be complete by 2019.

Alloy To Build Three-Story, 8,000 Square-Foot Office Headquarters At 431 Carroll Street, Gowanus

3:00 pm on February 4, 2016 By Reid Wilson

Alloy Development has acquired the vacant 4,100 square-foot parcel at 431 Carroll Street, in Gowanus, for $2.8 million, Crain’s reports. Located two blocks west of the Union Street stop on the R train, the developer plans to build their new headquarters at the site in the form of a three-story, roughly 8,000 square-foot building. The ground floor will be leased as retail space and the upper floors will contain between 5,000 and 6,000 square feet of office space. The developers expect to break ground by 2017 for a 2018 completion. Alloy Development will likely design the project in-house.

Renovations, Upgrades Underway At 40-Story Office Building At 437 Madison Avenue, Midtown

10:00 am on February 1, 2016 By Reid Wilson

The 40-story, 850,000 square-foot office building at 437 Madison Avenue, located between East 49th and 50th streets in Midtown, is currently receiving $60 million in upgrades and renovations, according to Real Estate Weekly. The outdoor plaza and the building’s lobby are being redesigned, building infrastructure is being upgraded, and new amenities are being constructed, including a 15th-floor sky lounge, garden terrace conference rooms, an arcade, and a yoga room. Construction began two years ago and completion is expected early this year. The Emery Roth & Sons-designed building was completed in 1967 and the William Kaufman Organization has owned it ever since. Fogarty Finger is designing the renovation. Medallion Financial Corp. recently extended their 18,650 square-foot lease in the building.

32-Story Office Building Redevelopment Underway At 390 Madison Avenue, Midtown

6:30 am on February 1, 2016 By Reid Wilson

A year ago, YIMBY brought you new renderings of redevelopment plans for the 24-story office building at 380 Madison Avenue, between East 46th and 47th streets in Midtown. By removing certain floors within the building, the structure will grow to 32 stories but will retain the same square-footage. According to the Wall Street Journal, the process is well underway, with 18 percent of the original building in total expected to be removed and used for a vertical expansion. The completed building, called 390 Madison Avenue, will have 663,419 square feet of commercial space, most of which will be office space, although the first two floors will contain double-height retail space. L&L Holding Company is developing the project and Kohn Pedersen Fox is designing it. Completion is expected in early 2017.

Three World Trade Center Rises Into The Sky At 175 Greenwich Street, Financial District

6:30 am on January 25, 2016 By Reid Wilson

YIMBY last brought you news of Three World Trade Center, at 175 Greenwich Street in the Financial Distinct, in August when we revealed the height of the 80-story office tower was reduced to 1,079 feet. Since then, when the concrete core had reached roughly the half-way point, the tower has risen significantly, as seen in photos by Tectonic. The core is now closing in on the neighboring Four World Trade Center, which stands 977 feet in height. Steel work is occurring roughly halfway up the tower, and fireproofing and glass installation is taking place on the lower levels. There will be 150,000 square feet of retail space across five floors in the 2.8-million-square-foot building. Silverstein Properties is developing the tower, Rogers Stirk Harbour + Partners is designing it, and completion is expected in 2018.

Ground-Floor Retail Planned In 20-Story Office Building At 601 West 26th Street, West Chelsea

11:00 am on January 20, 2016 By Reid Wilson

RXR Realty is planning to convert the ground floor of the Starrett-Lehigh Building – a 20-story, 2.3-million square-foot office building at 601 West 26th Street, in West Chelsea – into 50,000 square feet of retail space. The building, built in 1931 and designed by Cory & Cory, is an individual landmark and sits within the West Chelsea Historic District, which means the Landmarks Preservation Commission must approve the plans. According to Crain’s, new retail will span the full length of Eleventh Avenue between West 26th and 27th Streets. Verizon previously occupied the ground and second floors of the property along Eleventh Avenue but agreed to relocate within the building. An architecture firm has not been selected, although construction is tentatively expected to begin next year.

Media Companies Back Out Of Anchoring Bjarke Ingels-Designed 2 World Trade Center, Financial District

11:00 am on January 19, 2016 By Reid Wilson

Last summer, News Corp. and 21st Century Fox signed a letter of intent to lease 1.3 million square feet in the Bjarke Ingels Group-designed 2 World Trade Center (a.k.a. 200 Greenwich Street), in the Financial District. It was never a contract that bounded the media companies to the space, and last week they decided not to make the move, Bloomberg Business reported. The two businesses will extend their leases through 2025 at their current headquarters at 1211 Sixth Avenue and 1185 Sixth Avenue, in Midtown. The fate of both Bjarke Ingels’ latest design and Norman Foster’s original design are unknown. The foundation for Foster’s tower, a 2.8-million square-foot, 80-story office building, has already been already built.

Office Renovation, Leasing Underway At 32-Story Verizon Building, 375 Pearl Street, Civic Center

4:00 pm on January 15, 2016 By Reid Wilson

Sabey Data Center Properties is in the middle of renovating the former Verizon Building, a 32-story, 1.1-million square-foot building at 375 Pearl Street, in Lower Manhattan’s Civic Center. The building was designed by Rose, Beaton & Rose and completed in 1976. Up to 15 floors, or 500,000 square feet, are being converted into office space, dubbed Intergate.Manhattan, and the remaining area will be exclusively data center space. Three sides of the building on the new office levels will receive a glass façade. According to The Real Deal, the city’s Department of Finance is planning to lease 175,000 square feet of space located on the 26th through 30th floors. Other smaller leases have been signed over the past two years, and the renovation is expected to be complete by the end of this year.

Reveal For Nine-Story, 150,000 Square-Foot Office Building At 61 Ninth Avenue, Chelsea

1:00 pm on January 6, 2016 By Reid Wilson

In the first half of 2015, YIMBY reported on filings for a nine-story, mixed-use commercial building at 61 9th Avenue, on the corner of West 15th Street in Chelsea, and now Crain’s has the first rendering of the project. The entire structure will measure 153,754 square feet in total, and there will be 115,000 and 37,000 square feet of boutique office and retail space, respectively. Retail will be located on the cellar through the second floor. Rafael Viñoly is behind the design, and Vornado Realty Trust and Aurora Capital are developing. Demolition permits were filed in December to remove the existing lumber shop and billboard sign. Groundbreaking is expected in mid-2016, with completion scheduled for early 2018.

ULURP Kicks Off For Nine-Story, 480,000 Square-Foot Office Building At 25 Kent Avenue, Williamsburg

11:00 am on January 5, 2016 By Reid Wilson

In the spring of 2015, Heritage Equity Partners was preparing to file for a special permit that would allow it to build a nine-story, 480,000 square-foot office building at 25 Kent Avenue, within northern Williamsburg’s manufacturing zone. Current zoning requires half the building to be community facility space, but the permit would eliminate such mandate so the entire structure can be used for office or light manufacturing space. According to Crain’s, the Department of City Planning certified the application, which means the city’s Uniform Land Use Review Procedure (ULURP) has officially begun. The building would take up an entire city block and include a public plaza. The site’s old warehouses have already been demolished. In related news, Philadelphia-based Rubenstein Partners is purchasing an undisclosed stake in the project.

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