Sandy-battered 4 New York Plaza has tapped developer Hines to carry out a $60 million overhaul of the building, the Wall Street Journal reported.
The 1.07-million-square tower reopened on Jan. 28 after being shuttered for over three months, but is yet to see some of its marquee tenants—including the New York Daily News and J.P. Morgan Chase—return. Mark Keller, the chief executive of Edge Fund Advisors, which owns the building in partnership with an HSBC fund, told the Journal that the project was a “massive undertaking.”
Keller added that Hines was brought in largely to improve the tower’s storm resilience by shifting its electrical and cooling systems to higher ground. “We’re making decisions that are permanent that will protect this building in every way when the next storm hits.”
CBRE Group would continue to be the tower’s leasing agent and building manager during the overhaul, Keller said.
Tommy Craig, a senior managing director at Hines, confirmed the company’s involvement in the project to the Journal but declined to give specifics. The Houston, TX-based company has been increasing its New York presence of late, and broke ground on a tower at 7 Bryant Park today, but is yet to secure financing on its 1,050-foot tower Torre Verre. [WSJ] –Hiten Samtani