Miguel McKelvey: Co-Founder / Chief Culture Officer
WeWork continues to rapidly expand in the Chelsea neighborhood. The $20 billion coworking giant signed a 100,000-square-foot lease at 214 West 29th Street with landlord Walter & Samuels. It will occupy floors two through eight at the 17-story office building between Seventh and Eighth Avenue.
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Investment advisor Kepos Capital LP has signed a lease relocating its headquarters to 11 Times Square, a state-of-the-art, LEED-Gold-Certified commercial tower owned by SJP Properties in partnership with PGIM and Norges Bank.
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Edison Properties has released new renderings of their currently under construction, Perkins Eastman-designed Ironside Newark office project located at 110 Edison Place. The project includes transforming a structure which was originally a freight warehouse into a state-of-the-art office building, expected to cost around $80 million and designed by Perkins Eastman. The development will feature almost 500,000 SF of office space including a seventh floor glass rooftop penthouse level addition with expansive terraces.
The Mars Company will move their headquarters into 110,000 SF encompassing 4 floors of the building in addition to a penthouse suite.
Ironside Newark is expected to be completed Q4 2018.
Photos via Perkins Eastman
The Landmarks Preservation Commission approved the renovations to transform the historic Henry Fernbach-designed cast-iron building originally built in 1871, into office and retail use complete with a penthouse.
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The Foster + Partners 425 Park Avenue has begun its vertical rise as construction teams have completed restructuring the base floors of the site's original structure. When completed, 425 Park Avenue will rise 41-stories, 893', and is being developed by L&L Holding Company.
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Tishman Speyer's BIG-designed, 64-story office tower is just about ready to go vertical in Hudson yards. Located at 66 Hudson Boulevard, demotion and excavation work has been completed and the supertall is ready to begin foundation work.
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320 Wythe
New York-based design and development firm Flank is looking to the past to build the workplaces of the future. Flank has broken ground on 320 Wythe and 360 Wythe in Williamsburg, Brooklyn, two new boutique office and retail buildings which will be the first timber structures built in New York City in over a century.
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Construction is cruising at SL Green's One Vanderbilt, their new supertall office-tower adjacent to Grand Central Station in Midtown. Construction at One Vanderbilt progressing smoothly as the steel superstructure has gone vertical after breaking ground in October 2016. One Vanderbilt will rise 1,401', 58 floors, and was designed by Kohn Pedersen Fox (KPF).
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Hudson Yards' 3 Hudson Boulevard has broken ground today (November 3, 2017) after the planned tower lost its future supertall designation. A recent height reduction brought the future office tower's height to 940' and 53 floors, down from 1,050' and 66 floors.
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Since Sony left 550 Madison over a year ago, the Philip Johnson-designed, iconic postmodern office tower has sat mostly vacant. First there was the failed plans by the Chetrit Group to convert the buildings in a condo tower, followed by the $1.4 billion sale of the property to Olayan America in May 2016.
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The landmark Lord & Taylor Building on Fifth Avenue is set to become the new WeWork Headquarters. In a deal valued at $850 million, Lord & Taylor's parent company, Hudson's Bay Company, will sell the iconic building to the 7 year old, co-working office space venture, as pressure on retail continues in the ever changing retail marketplace.
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L&L Holding Company has officially topped off their 32-Story redevelopment Of 390 Madison Avenue in Midtown East. The building has been expanded from 24 floors and 291' to now rise 32 floors and 373'.
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Amazon announced Thursday (September 21) that it has signed a 15-year lease at 5 Manhattan West for their Manhattan headquarters for Amazon Advertising. The lease covers 360,000 SF at Brookfield Property Partners’ 5 Manhattan West and will serve as part of Amazon's commitment to bring 2,000 new jobs to New York City over the next 3 years.
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A new office development is coming to Chinatown in the form of 100 East Broadway, under development by Shing Wah Yeung of Yeung Real Estate. The office condominium project is designed by Studio C Architects and will rise 14 stories, 180', and feature 63,732 SF of usable space inside. The usable space breaks down to 58,830 SF of commercial space and 4,902 SF of community facility space. 100 East Broadway will feature ground floor retail along with restaurant space on the 2nd and 3rd floors and medical offices on the 4th. Floors 5-14 will consist of office condominiums.
115 Broadway in Williamsburg appears to be getting a contemporary, mixed-use designed by DXA Studio. The 4-story development will include 5,040 SF of commercial space including ground-floor and second floor retail, office space on the third floor, and community space on the fourth.
50 Hudson Street is inching closer to approval for the addition of a glass, two-story residential addition to the rooftop. The proposal must get final approval from the Landmarks Preservation Commission but was reportedly well received by local residents who embrace the proposed modern infusion while preserving the neighborhoods historic charm. The two story, 8706 SF addition is designed by Theirry Despont and will be constructed from glass brick. The new structure will feature 3 residential units, a rooftop terrace and a penthouse atrium. 50 Hudson Street, located at 540-544 Hudson Street, was originally built in 1925 and renovated in 2007. The building features 11,000 SF of usable space including ground floor retail and 2 floors of office space. No date for resubmission of plans for review have been announced.
L&L Holding Co. has announced a major redevelopment of Flatirons's 150 Fifth Avenue, an office tower originally completed in 1890. When the redevelopment is complete the updated office building will feature 227,500 SF of office space complete with the addition of a unique, 2 story rooftop complete with a roofdeck. In all, 150 Fifth Avenue features 11 floors of rentable office space with open floorplans. The ground floor features 15,000 SF of rentable space, floors 2-8 feature 23,000 SF of rentable space each, floor 9 features 21,000 SF, before dropping to 16,000 SF and 14,500 SF respectively on 10 and 11. The redevelopment is being designed by Studios Architecture with Higgins Quasebarth & Partners. OC Development Management will be the project manager. Construction is expected to begin in February 2018 and wrap-up late summer 2019. According to TheRealDeal, Mastercard was negotiating with L&L Holding Co. in May 2017 lease the entire building at 150 Fifth Avenue where they reported average rent for office space in the Flatiron District was $72 SF. 150 Fifth Avenue was originally built in 1888 and was completed in 1890, undergoing a major renovation in 2003 and was selected in 2005 as BOMA’s Renovated Building of the Year.
Daniel Loeb’s $15B hedge fund Third Point will join Steven Cohen's Point 72 Asset Management at Related Companies’ 55 Hudson Yards. Point 72 signed a letter of intent for 175,000 SF on six floors while Third Point has reserved the top 2 or 3 floors totaling 60,000 - 90,000 SF. 55 Hudson Yards is a 51-story office building built by Related Companies and is designed by Kohn Pedersen Fox. Pricing is between $90-$150 SF and the building will be completed in 2019.