Midtown Manhattan Readies for 470 KSF Cutting-Edge Office Tower
- Feb 27, 2013
The future is coming to Midtown Manhattan. A partnership comprised of real estate company Hines, investment entity Pacolet Milliken Enterprises Inc. and institutional investors advised by J.P. Morgan Asset Management have broken ground on 7 Bryant Park, a premier office tower that will deliver 470,000 square feet of state-of-the-art office accommodations in the Bryant Park area.
Hines and partners will erect the 28-story office building on a site that formerly carried the address of 1045 Avenue of the Americas. It’s a speculative development and commercial real estate services firm CBRE Group Inc. has been tapped to lure leading companies to the property, which will also include ground-level retail space to be marketed by RKF.
The celebrated architectural firm of Pei Cobb Freed & Partners is behind the design of the high-rise which is LEED Gold Pre-Certified, a designation that will satisfy office users’ growing demand for green digs. However, though widely coveted, the sustainability seal of approval is not what Hines and team are touting as 7 Bryant Park’s most remarkable distinction; it’s the offering of advanced accommodations that is the key feature.
As the developers note in a press release, the trophy office property is designed to respond to tenants’ increasingly loud cry for modern infrastructure and top-tier technology. While there are certainly sizeable slices of contiguous office space on the market in Midtown–major new availabilities include chunks ranging from 82,000 square feet to 311,000 square feet, per a CBRE report–most of them are not state-of-the art.
“There are big blocks available, but at some point that’s much older product, decades older, and I think there’s a different type of tenant that demands and requires 21st Century space,” Dan Fasulo, managing director with global commercial real estate research and consulting firm Real Capital Analytics, told Commercial Property Executive.
The 7 Bryant Park project also has timing on its side. It’s not the only office development in the works for Midtown, but it will be among the first to deliver. “It’s coming out of the ground, whereas a lot of the other new building availabilities are still pieces of dirt,” Fasulo added.
And then there’s the issue of high visibility; 7 Bryant Park is being marketed as a building that can provide a major tenant with a notable branding presence.
“It’s very rare in Midtown to be a space-user of 150,000 square feet or more and get the opportunity to anchor a new building, and the fact that it’s on Bryant park is icing on the cake,” Fasulo concluded.
Turner Construction Co. is onboard the development endeavor as general contractor, and is on schedule to complete 7 Bryant Park for its initial occupancies in the first quarter of 2015.