The New Manhattan Office Trend: Penthouses

“An Art form we have been evolving for decades,” Rob Speyer, Tishman Speyer’s Chief Executive remarked when considering how Tishman Speyer continues to uncover value at its assets. Keiko Morris at The Wall Street Journal recently wrote about 2 midtown projects. The first at 200 Park Ave, Tishman Speyer was able to leverage new technology and move machine rooms to develop a spectacular, 24,000 square foot penthouse on the 58th floor.

Tishman Chief Executive Rob Speyer spearheads a new initiative: Penthouses built by tapping undeveloped space, unlocking additional real estate value.

The second project currently in development on the 43rd floor of 520 Madison Ave will more than double the 7,100 square-foot space once dedicated to mechanical equipment and build a 21,000 square-foot penthouse with a 2,200 square-foot terrace and views of Central Park.

“Typically, the penthouse additions feature high ceilings, tons of light through glass facades or large windows and connecting outdoor space. Landlords often have to be creative in finding the space to build these structures, sometimes moving mechanical equipment to another part of the building, tapping undeveloped space or transferring air rights from adjacent lots”, said real-estate lawyer Jonathan Mechanic in the Wall Street Journal article published on April 16th, 2017.

These renovations are never simple, considering their logistical scope, and without disrupting the tenants in the building, however finding and creating these types of opportunities are part of the fabric of the Tishman Speyer culture.  “We’re always looking around the corner and pursuing ways to unlock additional value,” Rob Speyer told the Wall Street Journal.

The penthouse at 200 Park Avenue was quickly leased and it is anticipated that the 520 Madison Avenue penthouse with a terrace will draw significant interest as well.

“These office penthouse additions are part of a broader push by owners to carve out more dynamic amenity spaces to appeal to tenants looking to embellish their brands and recruit top employees”, said Brian Waterman, vice chairman at real-estate-services firm Newmark Grubb Knight Frank in the Wall Street Journal article.

Of the 200 Park Avenue Penthouse, “You feel like you can reach out and grab the spire of the Chrysler Building,” said Tishman Chief Executive Rob Speyer. This is certainly a unique amenity and has an appeal that is unparalleled.

The New Manhattan Office Trend: Penthouses (2017) by Keiko Morris. Retrieved from: https://www.wsj.com/articles/the-new-manhattan-office-trend-penthouses-1492344000

Tishman Speyer Central To Long Island City’s Evolution

As The Wall Street Journal reported this week, more than 11,000 condominiums and rental apartments have been built in the Queen’s neighborhood during the past decade, fueling the need for more high-quality office and retail spaces to support the new residents.

Tishman Speyer is playing a major role in the continued development of the area, building three apartment towers in addition to the massive office and retail space in Long Island City.

Elizabeth Lusskin, president of the Long Island City Partnership, a local development organization, told the Journal: “The Tishman project is the cornerstone of this next phase of Long Island City in the sense that you are finally getting large scale new office creation for a market that is desperate for it.”

The 43,000-square-foot office and retail development consists of two 27-story office towers, a four-story retail building, numerous restaurants and a 1.5-acre park on the roof. Construction is set to begin in early 2017 and be completed in 2019.

For more information on Long Island City’s continued development and transformation, read the Wall Street Journal’s story: In Queens, Residential Development Is Fueling Commercial Demand.

Rob Speyer Announces Tishman Speyer Moving Ahead With Major Long Island City Project

Rob Speyer announced today that Tishman Speyer is moving ahead with construction of its 1.1 million square foot office and retail project in Long Island City. Construction of the new project, which includes two 27-story towers designed by Raul De Armas of MdeAS Architects, will begin in early 2017 with completion anticipated in 2019.

The towers will be connected by a four-story podium and will include a mix of retail, complemented by a food hall, restaurant and parking garage — providing numerous amenities to local workers and residents in the vibrant mixed-use neighborhood.

“Thanks to the City of New York’s investment in the area’s infrastructure, enlightened policy decisions and the active support of the New York City Economic Development Corporation, the local community and its elected officials, Long Island City has become a model for 21st Century urban development,” Speyer said.

“Tishman Speyer is proud to continue our role in unlocking the area’s full potential as one of the most dynamic, live-work-play neighborhoods, not just in Queens but in all of New York City.”

Tishman Speyer is now the largest developer of both commercial and residential space in Long Island City, being responsible for 3.5 million square feet of development in Long Island City since 2003.

More information: Tishman Speyer Moving Ahead With Construction Of 1.1 Million Square Foot Office And Retail Project In Long Island City

Tishman Speyer’s Pier 4 Development

Tishman Speyer announced plans for a development project at Boston’s Pier 4 in August 2015. Located in the city’s Seaport District, Tishman Speyer will develop these lots, respectively, as a mixed-use, 13-story office building, and a nine-story, 100-unit luxury condominium. Each building will have ground floor retail space and restaurant space.

“Our goal at Pier 4 is to create the brightest jewel of the Boston waterfront,” said Tishman Speyer president and CEO Rob Speyer at the time of the announcement. “This will be a project entirely worthy of one of the world’s great cities.”

The lots will include two-level, below-grade parking facilities, a one-acre public park, and a half-acre public plaza. Completion of this project is scheduled for early 2018.

More information and new renderings of Pier 4’s design can be found at Tishman Speyer’s Pier 4 website.

Mayor’s Fund and Mayor’s Office of Veterans Affairs Announce Partnerships to End Veteran Homelessness

The Mayor’s Fund to Advance New York City and the Mayor’s Office of Veterans Affairs (MOVA) have announced two partnerships with the private sector aimed at ending veteran homelessness within New York City. Totaling $750,000 in funds raised, the partnerships include the Deutsche Bank Americas Foundation, and the Real Estate Board of New York (REBNY) and its members.

The Deutsche Bank Americas Foundation has awarded a $250,000 grant to MOVA, to support the City in meeting Functional Zero, the national standard for ending veteran homelessness and rapidly rehousing all new veterans that enter the shelter system. Funds will be used for direct services for veterans as well as towards helping NYC reach its goals in ending veteran homelessness.

Additionally, the Mayor’s Fund has raised $500,000 from private partners, including REBNY and its members, to provide financial assistance to veterans who successfully transitioned from shelters to permanent housing at the end of 2015.

“Every veteran should receive proper housing and the services they need to help them cope with their experiences in war,” said Mayor de Blasio. “I think the Deutsche Bank Americas Foundation, REBNY and our folks in the Mayor’s Fund and MOVA who are leading the way towards functional zero.”

According to the federal Department of Housing and Urban Development, the number of veterans staying in shelters or on the streets has decreased by 90% since 2011. In 2015, NYC placed more than 1,000 veterans in permanent housing across the five boroughs.

So far in 2016, the City has placed 437 veterans in permanent housing.

Tishman Speyer Purchases Second Development in Hudson Yards

Tishman Speyer this week announced its purchase of a second development in Midtown Manhattan’s Hudson Yards Development.

The existing development consists of 434-444 11th Avenue and 550 West 37th Street, with an option to purchase additional development rights. With these two adjacent properties, Tishman Speyer has the opportunity to develop a 1.3 million-square-foot building.

“New York City’s position as a global business center is as strong as ever, and Hudson Yards is rapidly emerging as one of its main engines for further economic growth,” said Tishman Speyer CEO Rob Speyer. “As evidenced by our commitment to develop more than four million square feet of premium commercial space in the area, we are convinced that Manhattan’s far west side is well on its way to becoming the world’s most modern, dynamic and sustainable urban neighborhood.”

The Hudson Yards district is bounded by West 42nd Street, 8th Avenue, West 30th Street, and Hudson River Park.

Read more at REW.

 

Tishman Speyer Unveils Plan For The Spiral

This week, Tishman Speyer announced plans for a 65-story building designed by Bjarke Ingels at the heart of Manhattan’s West Side. The Spiral will sit a block away from the north end of Manhattan’s High Line Park and will, according to Ingels, “[extend] the Highline into the skyline,” with spiral landscaped terraces wrapping around the exterior of the building. These terraces will provide an outdoor space for every floor in the building.

The Spiral will have 2.85 million square feet of space, all with unobstructed views and double-height amenity spaces connecting adjacent floors for dynamic, collaborative workflows.

“(The) tower will serve as a significant leap forward in the evolution of the modern, collaborative and sustainable workplace,” said Rob Speyer, President and CEO of Tishman Speyer.

The open plan allows for tailored tenant experiences, increasing the desirability and longevity of the building.

Located at 66 Hudson Boulevard, The Spiral is Tishman Speyer’s entrant into the 28-acre space at Hudson Yard. Three other skyscrapers are planned in the area as well, with hope of extending Midtown’s business district west as far as the Hudson River.

More information and design renderings of The Spiral can be found here.

Real Estate Board of New York’s 120th Annual Banquet

 

On January 21, the Real Estate Board of New York gathered at the New York Hilton to celebrate the city’s real estate industry at the 120th Annual Banquet at the New York Hilton.

“REBNY’s annual celebration is always the biggest night of the year for the real estate industry, and this year was certainly no exception. We were thrilled to be joined by more than 2,000 of our members, as well as top government and business leaders from across the City and State, in celebrating the best and brightest of New York’s real estate community,” said Rob Speyer, President and CEO of Tishman Speyer and REBNY Chairman.

This year’s celebration honored the late John Zuccotti, a former REBNY chairman, as well as the accomplishments of the Stacom Family – Matthew, Tara and Darcy – as the first family to receive the Bernard H. Mendik Lifetime Leadership in Real Estate Award. Other honorees for the evening were Daniel Brodsky, Jeffrey E. Levine, Bill Montana, Edward V. Piccinich, and Steven H. Marvin.

After the video presentation (see below), a discussion was sparked around the city’s need for developments of new commercial office, industrial manufacturing, and life science space for continued economic growth and job creation. The video highlights findings from a recent NYCEDC study that predicts the city will need up to 60 million additional square feet of office space to keep up with the demand of job growth.

To read more about the night’s honorees and to view photographs from the event, visit Real Estate Weekly.

 

Real Estate Board of New York to Honor Industry Leaders

At Thursday’s 120th annual REBNY banquet, the Stacom family will receive the Bernard H. Mendik Lifetime Leadership in Real Estate Award, marking the first time an entire family will be honored.

The late Matthew Stacom and his daughters, Tara and Dary, will receive the award for their contribution to the city’s real estate industry. “The Stacoms are true industry legends whose collective contributions are worthy of this unprecedented recognition by REBNY,” said REBNY chairman Rob Speyer.

Other honors will be given to five executives for their contributions to real estate. Those executives are: Daniel Brodsky, Jeffrey E. Levine, Bill Montana, Edward V. Piccinich, and Steven H. Marvin. “Their dedication to professional, philanthropic, and humanitarian service exemplifies what it means to invest in our City’s future and we thank them for their tremendous efforts,” said REBNY President John H. Banks III.

“We look forward to gathering with all of our colleagues at our 120th annual banquet to celebrate the achievements of the real estate community and toast the vibrant real estate market,” said Speyer.

The banquet will also honor John Zuccotti, the former REBNY chairman who passed away in November.

For more information on the banquet, visit Real Estate Weekly.

Tishman Speyer completes purchase of One Channel Center

Tishman Speyer has completed the purchase of One Channel Center in Boston for $316.5 million.

The 501,000-square-foot building is a newly constructed Class A office complex, designed as the workplace of the future for State Street Bank in Boston’s rapidly developing Seaport District. Constructed in 2014, the property was designed to cater to a mobile, flexible workforce with innovative infrastructure enhancements and highly efficient construction. Tishman Speyer owns two buildings on Pier 4, and is looking to expand in Boston.

“The Boston office market is currently very strong and we believe it will be strong over the long term,” said chief executive Rob Speyer. “This is a signature office building that is well-situated in what is a vibrant mixed-use neighborhood with a great future.”

One Channel Center features many amenities, including restaurants, hotels and high-end residencies. It includes a state-of-the-art fitness center, cafeteria, conference space, a 130-space bike rack and the Seaport’s newest and largest freestanding garage. The complex is anticipated to be LEED Silver certified. It is commuter-friendly; just a few steps from public transit and easily accessible to major highways.

Learn more at Tishmanspeyer.com.