Hines, Pacolet Milliken to Kick Off New 450 MSF NYC Office Construction
- Aug 09, 2011
August 9, 2011
By Barbra Murray, Contributing Editor
Hines is joining forces with Pacolet Milliken Enterprises Inc. to add 450,000 square feet of premium space to the increasingly tight Manhattan office market. At 1045 Avenue of the Americas in Midtown, the team will erect a 28-story building peering down on Bryant Park.
Hines has already completed demolition activity at the site, which has been under Pacolet Milliken’s ownership for the last 57 years. Pei Cobb Freed & Partners is behind the design of what will be a technologically advanced office property, or, as Tommy Craig, a senior vice president with Hines, describes it, “a smart building for smart users.” The tower will also be a highly sustainable property built to meet qualifications for LEED certification by the U.S. Green Building Council.
The steel-and-glass structure that will rise at 1045 Avenue will stand out not only for its state-of-the-art office accommodations, but for its architectural design as well. “The building was conceived in response to the extraordinary circumstance of its location at the corner of Bryant Park,” Henry N. Cobb principal with Pei Cobb Freed, said. “The hourglass façade detail will be a lens through which building occupants can view the park with dramatic and alluring immediacy.”
In leasing up the property, Hines will target mid-sized tenants in various industries — there will even be space with the potential to house trading floors if needed — and reel them in with such amenities as floor-to-ceiling windows at every turn and outdoor terraces midway up the tower.
Hines is hardly the only developer preparing for future office demand in Manhattan; six buildings that will deliver a total of nearly 9.3 million square feet by 2013 are currently in the construction or planning phases, according to a mid-year report by real estate investment services firm Eastern Consolidated. The group includes the $3.1 billion, 3 million square-foot One World Trade Center, where publishing giant Condé Nast has already claimed 1 million square feet. Despite the enormous amount of square footage slated to come online within the next two years, few anticipate a glut in the market.
Jobs will drive the need for additional office space. As noted in the report, allotting 250 square feet per employee, the 9.3 million square feet presently in the works would accommodate 37,000 office jobs. “If New York added 42,200 office jobs in the last 20 months, it could easily add another 37,000 office jobs before these new buildings are completed. All of which suggests that the market for office development is ripe for further investment.”
Construction of 1045 Avenue of the Americas could get underway as early as next year.