Hines’ planned 1,050-foot-tall tower next to the Museum of Modern Art has secured about $1 billion in financing, allowing the Jean Nouvel-designed project to move ahead after years of limbo. [more]
Posts Tagged ‘hines’
CBRE has been tapped to handle leasing at American Realty Advisors’ 499 Park Avenue, GlobeSt reported. [more]
A co-op at 820 Park Avenue redesigned by Robert A.M. Stern has listed for $16.5 million, the New York Post reported.
Serena Steinberg – daughter of Houston real estate mega-developers Gerald and Barbara Hines – and her husband own the unit, which underwent an extensive renovation over two years. Judith Lederer of Town Residential has the listing, the Post said. The four-bedroom, four-and-a-half bathroom, full-floor co-op has been upgraded to feature “direct elevator access into its curbed marble entry,” windows on all four sides, Stern-designed bookshelves and a marble fireplace. [more]
It’s official: Hines is selling off two Midtown office properties — 499 Park Avenue and 425 Lexington Avenue — for a combined price of more than $1 billion, according to a release from the Houston-based developer.
JPMorgan Asset Management is paying roughly $750 million for a 31-story office tower at 425 Lexington Avenue, Crain’s reported.
JPMorgan’s decision follows last month’s major lease deal at the 750,000-square-foot tower, with law firm Simpson Thacher & Bartlett renewing as an anchor tenant in a 20-year, 600,000-square-foot deal. The building is one of two Midtown towers being auctioned off by the developer Hines, the other being the 27-story 499 Park Avenue. [more]
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.” [more]
Despite rumors that the long-delayed Jean Nouvel-designed 1,050-foot MoMA Tower was nearing construction, the developer has confirmed that the project is still in its financing phase, the New York Observer reported.
What looked like construction equipment outside the MoMA had led to speculations that the project, officially known as Torre Verre, would finally be breaking ground. However, developer Hines told the Observer that they have yet to secure the financing necessary to begin building. [more]
Even though the Houston-based Hines secured an agreement with JPMorgan Chase to finance the new 28-story, 450,000-square-foot office tower at Bryant Park, there is still no anchor tenant (note: correction appended). But that doesn’t worry Tommy Craig, senior vice president and partner at Hines’ New York office, according to Crain’s.
Hines has become to go-to office developer for Morgan Stanley, UBS and Goldman Sachs, Crain’s said. [more]
Houston-based real estate firm Hines revealed the Pei Cobb Freed & Partners design for its forthcoming Bryant Park office tower. The Wall Street Journal reported the 28-story, 450,000-square-foot structure at 1045 Sixth Avenue will feature concave detailing on its hourglass-shaped, glassy exterior and a large stainless steel disc suspended over the entrance at the corner of 40th Street. “The building was conceived in response to the extraordinary circumstance of its location at the corner of Bryant Park,” said architect Henry Cobb.
The tower is being built in partnership with Pacolet Milliken Enterprises, which has owned the land since 1954. Hines will wait until it signs some tenants and obtains construction financing before beginning work on the tower, according to the Wall Street Journal. … [more]
The New York State Retirement Fund entered a $1 billion joint venture with Houston-based Hines, to
develop, own and manage corporate and medical office properties with single-tenant users in the U.S.
The venture, called Hines Corporate Properties II, will follow a similar plan to the previous venture that
operated between the two entities from 1997-2004. Under that venture, the two companies developed
a portfolio of 3 million square feet, developing six built-to-suit offices and buying three single-tenanted
“This is a joint strategy decision between Hines and New York Common, and we together believe that
there will be compelling opportunities to build built-to-suits given the market dynamics,” said Doug
Donovan, vice president at Hines, told The Real Deal, in an emailed statement…. [more]
It seems like architect Jean Nouvel’s Torre Verre, or MoMA Tower, might be back on track, with a spokesperson for developer Hines admitting that the project was back on and imminent, the New York Observer reported.
Nouvel’s skyscraper, delayed by the financial crisis, was first introduced in 2007 to much critical acclaim. It was slated to be as high as 1,250 feet on land traded by the Musuem of Modern Art to Hines, for $125 million and three floors of galleries in the base of the new building. It would be tall enough to rival the Empire State Building. City Planning Commission Chair Amanda Burden was less enamored with the tower than others and insisted that 200 feet be knocked off the top, making it smaller than even the Chrysler Building. According to the Observer, Hines has quietly filed a new set of plans with the Department of City Planning, compliant with two special permits that the commission and the City Council approved in 2009. … [more]
Hines Interests is looking to sell its 600,000-square-foot tower at 750 Seventh Avenue and has tapped commercial powerbroker Darcy Stacom of CB Richard Ellis to handle the deal, sources told the Observer. The real estate investment firm purchased the 32-story building, half of which is occupied by Morgan Stanley, for $150 million in 2000 through a partnership with General Motors. That works out to $260 per square foot. It’s unclear what Hines will be hoping to fetch for the 48th Street property, which is also home to Ernst & Young and Mendes and Mount, as it’s not officially on the market yet. [NYO]
Peter Riguardi, president of Jones Lang LaSalle’s New York operations, isn’t worried about furthering the glut of Manhattan office space with the addition of Ground Zero office space including One World Trade Center, where his firm is handling negotiations with prospective naming partners. “I think this market has flourished around 420 million square feet,” Riguardi said. “It could easily add 10 million or more to it.” A decision on whether the Durst Organization, Boston Properties, the Related Companies or Hines Interests will win the coveted partnership will likely come by the summer, he added. [NYT]
Donald Trump is reportedly weighing an entry into the 1 World Trade Center bidding fray after visiting the site with sons Donald Jr. and Eric and daughter Ivanka last month to discuss a potential $100 million offer. Sources told the Post that while Trump’s good track record with finishing projects on schedule and working with unions makes him an attractive candidate from the perspective of the Port Authority of New York & New Jersey, the Donald himself isn’t yet convinced that he wants the project. As one source put it, “Trump loves the concept [of owning what was being called the Freedom Tower], but doesn’t know where the tenants would come from — and it’s such a target. He keeps saying, ‘There’s a big red target painted on it.’” If Trump does wind up making an offer, he’ll be joining the likes of Brookfield Properties, Vornado Realty Trust, Related Companies, the Durst Organization, Boston Properties and Hines Interests, all of which are said to have submitted proposals. The Port Authority wants the eventual owner to oversee construction and to finish leasing and managing the 1,776-foot-tall property. [Post]
A minority stake in the planned One World Trade Center is now publicly up for sale, but the Port Authority of New York and New Jersey isn’t in a rush to settle on a partner for its Ground Zero tower. Though the agency has already reached out to an elite group of developers, seeking a minimum bid of $100 million in the 2.6 million-square-foot building, the deal will likely take six to eight months, said Christopher Ward, the agency’s executive director. The investment will help the Port Authority raise cash for the project formerly known as the Freedom Tower, which is scheduled for completion in 2013. The agency is hoping to get even more than the stated $100 million, and wants the winning bidder to take over marketing and leasing at the building, which already has leasing commitments for close to half of the building. “We wanted a number that was high enough for the developer to have skin in the game,” Ward said. Boston Properties, the Related Companies, the Durst real estate family, Hines, Vornado Realty Trust and Brookfield Properties are among those currently identified as interested parties. [Crain’s]
The Port Authority of New York and New Jersey has asked a group of commercial real estate developers and owners to bid for a partnership interest in the $3.2 billion One World Trade Center tower, formerly known as the Freedom Tower, in an effort to raise $100 million for the project. Potential partners identified and contacted by the Port Authority include Boston Properties, the Related Companies, the Durst real estate family, Hines, Vornado Realty Trust and Brookfield Properties. Each has been offered access to a restricted Web site containing detailed, confidential information about the tower, which is slated for completion by 2013. The Port Authority is hoping that a partner would handle the marketing and leasing in what will be one of the most expensive office buildings on the continent. Cushman & Wakefield and Jones Lang LaSalle have been hired as real estate advisors to handle negotiations with prospective partners. Construction at the World Trade Center site has been delayed due to legal woes between developer Larry Silverstein and the Port Authority, which are in the last stages of arbitration. A three-judge panel finished hearing the case in early December, and the two sides hope it will rule in early 2010. [NYT] and [Crain's]
After yesterday’s announcement that the City Council had approved the construction of the Jean Nouvel-designed MoMa tower at 53 West 53rd Street, the opposition has pledged to continue its fight to stop the building from making its Midtown debut. “Nobody is against fine architecture,” Justin Peyser, a nearby resident and member of the Coalition for Responsible Midtown Development, told the New York Post. “The problem is where it’s being built.” The coalition, which is staunchly against the tower, will likely wage a legal challenge against the building, according to Peyser. Council member Dan Garodnick, whose district begins just north of the proposed tower site, said that the main gripe among his constituents is that the tower is too tall for the neighborhood.
The New York City Council voted to approve the Jean Nouvel-designed skyscraper today, set to build next to the Museum of Modern Art at 53 West 53rd Street between Fifth and Sixth avenues. The vote comes on the heels of massive discord over the proposed tower, which opponents feel is planned to be too tall for the neighborhood. It’s not yet clear whether development group Hines will restrict the height of the structure to 1,050 feet, as had been reported, or whether the tower will extend to 1,250 feet as the Hines group had hoped.
Development group Hines is deliberately trying to delay its Jean Nouvel-designed MoMa-adjacent tower, while placing blame on the city, according to New York Post columnist Steve Cuozzo. After City Planning Commissioner Amanda Burden told the group that its proposed tower on West 53rd between Fifth and Sixth avenues would be restricted to 1,050 feet, not the 1,250 feet that Hines had hoped, the developer made a stink, he said. According to Hines, Cuozzo said, the shorter structure won’t be financially sustainable. But the developer’s woes extend beyond 200 feet, Cuozzo says — according to him, the group doesn’t yet have the necessary financing to complete the project.
Troubled high-profile projects such as Related Companies’ Moynihan
Station and Solow Development’s East River site were among the city’s
developments with the highest lobbying expenses in 2008, a review of
city records by The Real Deal shows. Developers and real estate associations paid more than $11.5 million in
lobbying expenses to law firms and consulting companies, with the
Related Companies topping the list last year with $898,104 in payments
for all its projects citywide, the analysis of data from the City Clerk
Web site reveals. Among its expenses, Related paid $300,817 for lobbying for the delayed
Moynihan Station, while Solow paid $466,384 for the East River
development site, out of a total of $556,384. Solow is facing lawsuits
from lenders at the project. Forest City Ratner, which spent a total of
$555,741 on lobbying efforts, spent $500,741 on Atlantic Yards, which
has been delayed by successive lawsuits.