Archive | US

World property M1Aug16 – Aqualand grows Sydney portfolio, Saudis buy US farmland

Chinese developer Aqualand buys 9th Sydney site & touted for $A1.5 billion Barangaroo project
Saudis buy US farmland for animal feed

Chinese developer Aqualand buys 9th Sydney site & touted for $A1.5 billion Barangaroo project

Mingtiandi reported on Friday that Aqualand Projects Pty Ltd – described as a “transplanted” Chinese developer – bought its 9th site in Sydney for $A105 million.

Managing director Lin Jin joined family company Shenglong Group (now headquartered in Shanghai) in 2007 and established Aqualand Australia in 2014 with a mix of Chinese & local executives. Its chief financial controller, Rhyson Li, began his career at PricewaterhouseCoopers and was previously chief financial controller of the China Hydroelectric Corp, an energy company listed in the US.

Lin Jin’s father, Lin Yi, founded Shenglong in Fujian in 1999 and, by 2013, had 30,000m² of projects internationally worth $US25 billion, developing highrise office buildings, high-end urban residential spaces & 5-star hotel complexes in Asia, Europe, the UK, North America & Australia. In the US, Lin Yi partnered with his cousin, Los Angeles businessman Joseph Lin, to form City Century LLC.

The new Sydney project is to convert the Samsung office building at Milsons Point into upmarket apartments. It’s across the harbour bridge from the cbd and was bought from local investor Barana Group for $A140 million.

Aqualand & local partners Grocon Pty Ltd & Westfield malls owner Scentre Group were also being touted this month to win the bidding for the $A2 billion 5.2ha Central Barangaroo project, the last piece of the $A6 billion Barangaroo redevelopment of naval & commercial shipyards between the Sydney Harbour Bridge & Darling Harbour.

Central Barangaroo will contain 150,000m² of office, retail & residential developments, plus public amenities including the Sydney Steps, a project to link residential to commercial centres.

Links:
Mingtiandi, 29 July 2016: China’s Aqualand buys 9th Sydney site for $105 million
Mingtiandi, 21 July 2016: China’s Aqualand said to win bid for Sydney’s $US1.5 billion Central Barangaroo project
Mingtiandi, 24 May 2015: Chinese developer plans $100 million La Condo Tower, buys 2 Sydney sites – on same day
Aqualand

Saudis buy US farmland for animal feed

CNBC reported in January on Saudi land purchases in the US south-west to grow feed for dairy herds back home – similar to Chinese purchases in New Zealand to supply milk back home, and not raising attention until the regions the Saudis have focused on became afflicted by drought.

Saudi companies grow alfalfa hay in California & Arizona for shipment home. Private company Fondomonte California bought 1790a (724ha) at Blythe, on the Colorado River in California, in January for $US32 million, 2 years after its parent, food company Almarai, bought 4000ha 80m away in Arizona for $US48 million.

Link: Saudi Arabia buying up farmland in US Southwest

Attribution: Mingtiandi

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

Continue Reading

World property M11July16 – Chinese in project round LA station, Shanghai land price spirals, Post-Brexit bargains

Chinese giant plans 1500-home Los Angeles station project
$NZ8790/m² for suburban Shanghai residential site
Asians shop for Brexit bargains

Chinese giant plans 1500-home Los Angeles station project

Chinese state-owned developer Greenland Group, which has large projects in Melbourne & London, has also been making its presence felt in Los Angeles.

It has the $US1 billion Metropolis project underway in downtown Los Angeles and has teamed up with CBRE unit Trammell Crow to form a public-private venture with the Los Angeles County Metropolitan Transport Authority to develop nearly 6.5ha around the North Hollywood light rail station.

The consortium has won first-round approval for its proposal for up to 1500 homes & 42,000m² of office space in a total 232,000m² of development.

The transport authority is expected to vote on the proposal by the end of 2018, for work to start in 2019.

Mingtiandi, 4 July 2016: China’s Greenland Group plans 1500 new homes in North Hollywood

$NZ8790/m² for suburban Shanghai residential site

In China, the latest in a string of ever-rising land prices paid at government auctions for suburban sites in Shanghai is RMB2.44 billion ($NZ500 million) for 56,886m² ($NZ8790/m²) in the Xinchang township, Pudong.

Cofco Property Investment of Beijing paid a 235% premium over the auction minimum, equivalent to $NZ7149/m² gross floor area, $NZ7600/m² once infrastructure & the 5% reserved for affordable housing are taken into account.

Mingtiandi, 4 July 2016: Cofco Property beats out 20 rivals to pay $368 million for suburban Shanghai site

Asians shop for Brexit bargains

Immediately post-Brexit, I mentioned that speculators would take up some of the slack as the pound sterling dived. This article gives some details.

Mingtiandi, with link to Reuters story, 7 July 2016: Asian investors seen shopping for Brexit bargains

Attribution: Mingtiandi.

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

Continue Reading

Tracking ideas Sun3Apr16 – Red Hook, city travel

Red Hook’s path to an unswampy future
Getting around the best way you can

Tracking ideas is a Bob Dey Property Report section devoted to ideas on property questions such as urban strategies & design, many from overseas but with relevance to Auckland.

Red Hook’s path to an unswampy future

This item is local as a study in how New York neighbourhood Red Hook is starting to deal with bad weather – the kind that brought Hurricane Sandy in 2012, might revisit with another hurricane or might swamp, through rising seas, what used to be a swamp.

I also throw in – in case the New Yorkers want some more constructive ideas – some of the change occurring in Auckland.

Chemical company BASF organised a case study last year on low-lying Red Hook, Creator Space New York City, but also wanted to find solutions relevant to coastal cities globally.

Hurricane Sandy put much of Red Hook under water and set back years of redevelopment. The questions arising at the BASF event included: “How can we preserve Red Hook’s unique character & quality of life while also promoting its economic growth and safeguarding it against future floods? How can measures taken in Red Hook serve as a model for other cities?”

Ideas included green corridors, a coastal park, establish “a centre for job training & human services”, rethink the district’s public housing, and inspire change with a model city block.

The most glaring omission is this: Make it a place you want to be.

This one idea, I think, is the crucial one changing Auckland (downtown so far, but it’ll spread), and one which I think many critics of Auckland Council’s role in organising change don’t understand. The visible signs are streets that are friendly to walk, an atmosphere that’s receptive to inner-city residents, shops that are intended for city residents and the business & education communities, precincts that are becoming communities.

Another question, as much for Auckland as for Red Hook, is who the “you” above is. Do you remake a neighbourhood for existing residents or reshape for new ones?

A cover photo on the BASF study prompted me to look more closely at what I thought were wharves lined with cars – ha! the South Brooklyn marine terminal, just like Auckland – and I landed on a story about the disappearance of waterfront jobs from New York’s smallest container terminal, which a century ago was the busiest freight terminal in the world, so far not displaced by anything else.

In a way, that aerial view of the Red Hook wharves offers Aucklanders an idea of what might occur here with wharf extensions – or what might be a future if reclamation was reversed.

Links:
Planetizen, 29 March 2016: Saving coastal cities from climate change
BASF: Co-creating solutions for urban neighbourhoods in coastal cities: A look at Red Hook
Jordan Fraade in Next City, 26 May 2015: There’s money hiding in New York City’s waterfronts

Getting around the best way you can

City travel is changing everywhere. On a VerdeXchange panel in California, Lyft transport policy manager Emily Castor said: “The more viable it is for people to live here without owning a car, the more likely it is that they’re going to use Lyft frequently in combination with transit & other modes. We need to look at how we can create this robust ecosystem together.”

Links:
Planetizen, 29 March 2016: Creating an urban mobility ecosystem helps public & private actors
The Planning Report, 16 March 2016, edited discussion: Public & private pros opine on how ‘choice’ impacts urban transport

Attribution: Planetizen, The Planning Report, BASF, Next City

Regular leads: Planetizen

Continue Reading

World property W23Dec15 – West Melbourne deals, Westfield reshapes

Melbourne development site sells
Westfield sells 6 US malls

Melbourne development site sells

A Melbourne apartment development site has been sold to the Asian Pacific Group (Will Deague) for $A35 million at $A9117/m², and 3 adjoining buildings have been sold for $A38.8 million.

The 3839m² site at 83-113 Batman St, West Melbourne, has a permit for 522 apartments in 2 27-level towers, including 33 2-storey lofts, plus retail, designed by Bruce Henderson.

The whole site, known as the Spencer portfolio, contained the historic Sands & McDougall buildings and a warehouse at 355 & 371 Spencer St & 102 Jeffcott St.

Hume Partners (Peter Scanlon) took the development site & 3 buildings to the market through separate CBRE campaigns.

Bennelong Group (Jeff Chapman) had earlier proposed 2 towers of 39 & 29 storeys above a 5-level podium for the whole site, with a gross floor area of 85,000m² and originally containing 749 apartments.

The 1770m² Jeffcott St warehouse & office, on a 920m² site, sold for $A6.1 million.

The CBRE team also said yesterday it had sold 206 Bourke St, on the edge of Bourke St Mall, for $A116.28 million at a 5.75% yield, on behalf of Hiap Hoe Ltd and that it had been bought by unlisted fund manager ISPT, which has $A11 billion of properties under management.

206 Bourke St has a net lettable area of 11,922m² – 9582m² retail, 2340m² office – and an approved planning permit to build a 142-room hotel above the fourth level of the existing development.

Westfield sells 6 US malls

Westfield Corp, owner of the US & UK malls of the former Westfield Group, sold 5 of the US malls this week for $US1.1 billion. It sold another in November to Rouse Properties Inc for $US170 million. The Australia-NZ Westfield portfolio is owned by Scentre Ltd, some now in partnership with Singapore sovereign wealth fund GIC.

The US assets sold are in Connecticut, Washington, and 2 each in California & Illinois, reducing Westfield’s US portfolio to 32 malls. It also has 2 in the UK and has entered a partnership with Gruppo Stilo to develop a centre in Milan, Italy.

Westfield Corp co-chief executives Peter & Steven Lowy said in August: “Our strategy is to create & operate flagship assets in leading markets that deliver great experiences for retailers & consumers. We are focused on innovation and are creating a digital platform to converge with our physical portfolio, in order to connect retailers & consumers both physically & digitally.

“Our capital investment is almost entirely weighted towards our flagship assets, with estimated development yields in the range of 7-8%. Upon completion of these projects, we expect Westfield Corp’s flagship assets will represent 85-90% of the total portfolio and our business will be more evenly weighted between the US & UK/Europe.”

When they announced the northern hemisphere company’s results in August, the Lowy brothers said: “The performance of Westfield’s pre-eminent portfolio remains strong. The benefits of our restructure last year can be seen in the significant progress being made on our $US11.4 billion development programme. This year we expect to commence $US2.5 billion of projects, having already commenced $US1.6 billion of redevelopments to date in 2015.”

Attribution: CBRE, Westfield.
Regular leads: Europe Real Estate, Mingtiandi, Planetizen

Continue Reading

World property Sun14Jun15 – Big US lease for Goodman, Wanda targets India

Goodman’s US subsidiary leases near-complete first logistics centre
Chinese developer plans $US10 billion project near New Delhi

Goodman’s US subsidiary leases near-complete first logistics centre

ASX-listed Goodman Group’s North American subsidiary, Goodman Birtcher, has leased its new $US150 million 148,000m² logistics centre at Rancho Cucamonga, about 70km from Los Angeles into the hills of Southern California’s Inland Empire, to Georgia-Pacific LLC one month before completion.

Georgia-Pacific, based in Atlanta, Georgia, manufactures & markets paper products including bath tissue, paper towels & napkins, tableware, paper-based packaging, office papers, cellulose & specialty fibres, nonwoven fabrics, building products & related chemicals.

A third-party management company will operate a distribution facility at the logistics centre from August to support Georgia-Pacific’s consumer products business.

Goodman Birtcher has a programme to roll out a 1.4 million m², $US1.5 billion development pipeline in 8 logistics markets over 3 years. Its next 2 developments in the Inland Empire, at Fontana & Eastvale, will have a total 400,000m² of floorspace.

Chinese developer plans $US10 billion project near New Delhi

Wang Jinlian talking asset light in Shenzhen.

Wang Jinlian talking asset light in Shenzhen.

The innovative chairman of China’s Dalian Wanda Group Corp Ltd, Wang Jianlin, took his Indian hosts by surprise last week when he told them he was seeking 3600ha, maybe more, for a new town at Gurgaon, 30km south of New Delhi.

Mr Wang envisages Dalian Wanda could spend $US10 billion in India over the next decade. He met Indian prime minister Narenda Modi on Tuesday, then told Haryana state government officials he wanted the large land area to set up an integrated industrial township.

According to the Times of India, Mr Wang told state officials he didn’t want to go through the land acquisition process and was looking for a readily available parcel – something the officials said wasn’t available in one block.

The development ideas include an international airport, although New Delhi’s Indira Gandhi international airport sits between the 2 urban areas, and a power plant.

Mr Wang took the Wanda group in a new direction 2 years ago when he launched the 50 billion yuan ($NZ9.9 billion) 540ha Qingdao Oriental Movie Metropolis film & television industry project. In April, he explained in a speech to the Shenzhen Stock Exchange how the group would transform its performance by switching from asset heavy to asset light. It had 109 malls at the end of last year and 26 planned for this year, but under the asset light model he is targeting 1000 malls in China by the year 2025.

Asset light is where other investors pay for development, and it’s envisaged those investors will onsell in 5-7 years, possibly to real estate investment trusts, which are only now being considered in China. Dalian Wanda is also looking at how to run a finance business online, which could supplant the reit model. Wanda would still manage development & the business.

Links: Mingtiandi, 11 June 2015: Wang Jianlin meets Modi, Wanda plans to invest $US10 billion in India
Times of India, 11 June 2015: Chinese giant seeks 9000 acres for township

Attribution: Goodman Group, Mingtiandi, Times of India

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

Continue Reading

World property M13Apr15 – Chinese insurers buy in Boston, GE exits property

Chinese insurers take majority in Boston Seaport project
GE confirms exit from real estate

Chinese insurers take majority in Boston Seaport project

China’s 2 biggest insurance companies, China Life Insurance Group Co Ltd & Ping An Insurance (Group) Co of China Ltd, have bought a majority stake in the $US500 million 93,000m² Pier 4 project in Boston’s Seaport district.

Both insurers have been active in the London property market but this is their first US investment.

Tishman Speyer Properties LP, of New York, bought the project from its originator, New England Development in January.

The Wall Street Journal said Tishman Speyer co-chief executive Rob Speyer confirmed the 2 insurers’ participation in the deal, but declined to disclose the size of their stakes. However, the newspaper said a person briefed on the deal said each insurer was taking a one-third stake, while the other third would be owned by a Tishman Speyer fund that would be the managing partner of the venture.

The masterplan provides for a 13-storey 35,000m² office building, a 9-storey 100-unit luxury apartment building and a 3-level below-grade parking facility. Both buildings will have ground-floor retail & restaurant space. The plan also includes a 4000m² public park. Construction is scheduled to start in the fourth quarter of 2015 for completion in 2018.

The Seaport area has become the centre of new development after the “big dig” barrier between it and the financial district was removed.

China opened up foreign property investment for its insurers in 2012, but capped real estate at 15% of their total assets. In 2014, the China Insurance Regulatory Commission lifted the cap to 30%.

Links: New England Development, Pier 4
Tishman Speyer
Tishman Speyer, Pier 4 Boston
Wall St Journal, 7 April 2015: Boston project draws Chinese insurance firms’ First US investment
Tishman Speyer, 15 January 2015: Tishman Speyer unveils plans for prime waterfront development site in Boston’s Seaport district

GE confirms exit from real estate

General Electric confirmed its return to an industrial focus on Friday, starting 2 years of planned disposals with the sale of GE Capital Real Estate assets for $US26.5 billion.

It will retain vertical finance operations that relate to its industrial businesses, but intends to increase its earnings from industrial business from 54% last year to 90% by 2018. GE will float its retail finance business, Synchrony Financial, subject to regulatory approval.

Funds managed by Blackstone Group LP will buy the bulk of the GE Capital Real Estate assets and Wells Fargo & Co Inc will acquire a portion of the performing loans. GE also has letters of intent with other buyers for an additional $US4 billion of commercial real estate assets.

The company explained in its disposal plan: “GE Capital has been an important part of the history of GE. However, the business model for large, wholesale-funded financial companies has changed, making it increasingly difficult to generate acceptable returns going forward.”

Link: General Electric

Attribution: New England Development, Tishman Speyer, Wall Street Journal, General Electric

Regular leads: Europe Real Estate, Mingtiandi, Planetizen

Continue Reading

Westfield takes full ownership of World Trade Centre retail

Westfield Group has agreed to buy the Port Authority of New York & New Jersey’s 50% interest in the World Trade Centre retail premises for $US800 million.

This was one 2 major announcements on Wednesday by the group. The other was to restructure.

Westfield co-chief executive Peter Lowy said: “Since 2001, Westfield has believed in & remained committed to investing in this site & in this city. We take great pride & pleasure in amplifying that commitment today.”

Port authority chairman David Samson said the sale was a significant step in its continuing efforts to refocus agency resources on its core transport mission.

Westfield originally acquired its 99-year lease interest in the World Trade Centre retail facilities in July 2001 – 2 months before the centre was destroyed by 2 of the 4 planes used by Al Qaeda to fly into landmark buildings on 11 September. The port authority & Westfield entered into a joint venture to own & operate the new retail space in May 2012, with Westfield assuming responsibility for management & leasing.

The $US800 million purchase price is subject to a one-time additional contingent payment to the port authority within 5 years of the opening date if Westfield exceeds certain mutually agreed-upon return thresholds.

The acquisition takes Westfield’s total investment in the site to more than $US1.4 billion. The transaction is expected to close within the next 45 days.

The retail premises comprise 33,900m² of retail space on multiple levels of the Santiago Calatrava-designed Oculus, with street-level presence along Church St, Cortland Way & Dey St, and 3 storeys above grade in towers 3 & 4. An additional 8360m² of retail space will be added when tower 2 is developed. The initial phase of the retail complex is expected to open in 2015.

Attribution: Company release.

Continue Reading

Propbd breakfast – world property on Monday 14.10.13

Shanghai’s Greenland Group takes 70% of New York Atlantic Yards project

The first residential block in the Atlantic Yards project.

The first residential block in the Atlantic Yards project.

Chinese Government development company Greenland Group Co Ltd, of Shanghai, entered the US property market in July by taking a $US1 billion stake in a Los Angeles project. On Friday it made an even more impressive investment, signing the memorandum of understanding for a 70% stake in a $US4 billion joint venture to develop the Atlantic Yards in New York. [Photo shows the first residential block].

The Atlantic Yards, an 8.8ha residential & commercial urban renewal project in Brooklyn, has been worked through since 2005 by Forest City Ratner Companies LLC, the New York-based subsidiary of Forest City Enterprises Inc, both headed by Bruce Ratner. The Ratner companies have spent $US500 million on the whole project so far.

The Ratner companies have opened the first development, the Barclays Centre, which will be excluded from the joint venture. Also excluded will be the first 32-storey 363-unit residential tower, under construction, with half its space reserved for low- to middle-income residents. The joint venture agreement is still subject to negotiation & regulatory approvals.

Greenland Group will be codeveloper and share in the entire project costs, though Ratner will be onsite manager. The masterplan includes 6400 residential units, of which 2250 are to be in the affordable category.

There will also be 23,000m² of retail & 31,000m² of office.

Forest City Enterprises has been looking for foreign investor support. In September it completed a joint venture with QIC Ltd, the Queensland state investment company, to acquire a 49% equity interest for $US435.6 million in a portfolio of 8 US malls valued at $US2.05 billion. Forest City said the transaction price represented a cap rate of 5.75% on forecast 2013 net operating income and would generate $US350 million of liquidity for the American company.

Greenland also invested in Melbourne last week, buying a site next to the Flemington racecourse from the Victoria Racing Club, and acquired a stake in a 3969m² Sydney site in March. The $A480 million Sydney development on Bathurst St, at the southern end of the cbd, is a joint venture with Brookfield Asset Management. Stage 1 will have 400 apartments on 60 levels and 11 parking floors.

In Los Angeles, it’s bought the California State Teachers’ Retirement System’s stake in the 2.56ha Metropolis project that will have hotels, offices, apartments & luxury homes. Construction is expected to start this year.

Background

Wake up in the morning to a fresh cup of coffee – and a quick catch-up on what’s been going on round the world of property, around the world. I started Propbd on Q last year to run snippets of news through the day, and Propbd breakfast seemed the ideal way to offer you ideas on developments internationally to start the day.

As with Propbd on Q, items will be brief, with links to outside sources where quickly available, and with links to previous stories on this site. Many of the items will take the place of stories (which have frequently ended up uncompleted); some will link to stories the same day and some will be expanded into more detailed stories.

Continue Reading

Fracking the trigger for 53-storey tower on West Texas plains

Midway across the 1000km of West Texas plains between El Paso & Dallas, a company that builds to house the energy industry has promoted a 53-storey tower for the city of Midland.

The tallest building in the city of 111,000 now is 25 storeys and, for a city that size, a single tower that would treble the taxable value of Midland’s downtown properties sounds way over the top.

Down in New Zealand’s slightly larger Dunedin, planning commissioners took that view in June when they rejected an application for a 27-storey hotel & apartment building, partly because the applicant didn’t explain well enough how the building would fit into a predominantly lowrise city.

Midland got past that sort of barrier way back in 1927, during another oil boom, when lawyer, oilman & former Montana senator TS Hogan built the Petroleum Building – a 12-storey building that dominated the town but became known as Hogan’s Folly just after it opened in 1929, as the sharemarket crashed, the price of a barrel of oil tumbled to US15c and the tower’s office floors stayed empty.

The Petroleum Building still stands, but there’s some opposition to knocking over Midland’s 1970s-style former county courthouse for the 92,000m² building Energy Tower, which would be the sixth-tallest building in Texas. However, the local council happens to have bought, for $US2.2 million, the 20,400m² on 2 blocks the tower, a convention centre and a park would occupy, so you sense that any opposition might be overcome.

And there is a difference about this proposal by Energy Related Properties LLC – of its 53 storeys above ground, only the top 28 floors, or 52,040m² would contain office space, to be built at a time when the cbd’s office vacancy is down at 2%. Beneath the offices, 12 floors would have 132 apartments on them and a hotel would occupy 12 floors. The building would have an underground retail level & 5 floors of basement parking.

The US Chamber of Commerce was upbeat about the proposal for Midland, which is at the centre of soaring oil & natural gas production in West Texas resulting from fracking: “The results are strong job growth and a booming economy,” the chamber’s FreeEnterprise.com proclaimed last week under the heading, Thanks to shale energy, a 58-storey skyscraper is planned.

Energy Related Properties already owns about 100,000m² of office space in Midland. The company declares as its mission, to “invest in properties where energy plays a significant role in the economic viability of each community” and “focus on high-growth supply-constrained markets that possess significant barriers to entry, attractive tenant bases and where a significant price discrepancy exists between the underlying value of the real estate and the commodity supporting that value”.

Its financial partner is Wexford Capital LP, which manages $US4.5 billion of hedge & private equity funds from headquarters in Greenwich, Connecticut.

Links: US Chamber of Commerce’s Free Enterprise, Thanks to shale energy, a 58-storey skyscraper is planned for Midland Texas
Fuel Fix, Energy Tower would be 6th tallest building in Texas, developer says
Wikipedia, Energy Tower
My West Texas, Architect, developers reveal site design for Energy Tower
Wall St Journal, Building on the boom

Attribution: Company release.

Continue Reading

Condé Nast signs up for one-third of New York’s new One World Trade Centre

Published 27 May 2011

Publisher Condé Nast has taken up a 1 million ft² (92,900m²) office lease in the $US3.1 billion One World Trade Centre rising in Manhattan – one-third of the tower.

The building was at first given the name Freedom Tower, acknowledging its role as a memorial to those killed in the 11 September 2001 terrorist plane attacks on Manhattan that destroyed the original World Trade Centre.

The huge lease deal, just the second for the tower, was arranged by Cushman & Wakefield (the international agency to which Bayleys Real Estate in New Zealand is affiliated) as exclusive agent for the Port Authority of New York & New Jersey and The Durst Organisation.

Construction of the centre began in 2006 and has reached 67 levels above ground. Completion is scheduled for 2013. The tower, designed by David Childs of Skidmore Owings & Merrill, will have 71 office floors containing 3 million ft² (278,700m²), a grand public lobby with 15.2m ceilings and an observation deck 378m above ground.

Underneath it, climate-controlled corridors will connect the tower to the World Trade Centre transport hub, designed by Santiago Calatrava, and the new PATH (Port Authority Trans-Hudson) rail terminal, 11 subway lines and the new Fulton St Transit Centre, the World Financial Centre & ferry terminal, and about 46,000m² of shopping & dining.

Cushman & Wakefield president & chief executive Glenn Rufrano said yesterday signing of the Condé Nast lease represented a major milestone in the renaissance of Lower Manhattan, as the district’s largest private-sector leasing transaction in 20 years.

Condé Nast will relocate its headquarters and consolidate its offices from several midtown Manhattan office buildings to occupy floors 20-41 of the new tower.

The first tenant to sign up for the tower was China Centre New York LLC, which signed a lease in March 2009 for 20 years & 9 months on 17,726m² – floors 65-69 & part of the 64th – 190,810 square-foot lease in March, 2009.

Want to comment? Go to the forum.

 

Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

Continue Reading
WordPress Appliance - Powered by TurnKey Linux