NEW YORK CITY — Hines, along with partner Pacolet Milliken Enterprises, Inc., is planning the development of a new-build 28-story, 450,000-rentable-square-foot trophy-class office tower on Avenue of the Americas in New York City. The building will be constructed on property that Pacolet Milliken has owned since 1954, a parcel with full-block frontage at the southwest corner of Bryant Park.
“Pacolet Milliken is committed to stewardship of long-term, quality assets, so they make a great partner for Hines,” said Tommy Craig, Hines senior vice president and head of the firm’s New York/tri-state regional activities. “The project will be a singular opportunity for mid-sized tenants in the Midtown market, an urban campus where Bryant Park can be a backdrop for the identity of building tenants.”
Designed by renowned architects Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners, the development will be built as an as-of-right project within existing zoning guidelines. Demolition has been completed, allowing construction to start as early as 2012 and occupancy as early as 2014. The project is slated for LEED certification.
In the recent past, Hines has been particularly active build-to-suit projects, including those for Morgan Stanley, Goldman Sachs, Royal Bank of Scotland, UBS and Bear Stearns. This new multi-tenant building at Bryant Park will incorporate many of the attributes of the advanced technology, higher-quality characteristics of these workplaces, including the potential for trading floors in the base of the building.
“The property will take advantage of new technologies which create a modern, forward-thinking workplace — a smart building for smart users,” added Craig.
The steel and glass tower provides direct views over the park and past the historic New York Public Library. The building’s entrance façade features a concave sculptural detail that cuts into the building in an hourglass shape, creating unique feature windows on every tenant floor. A floating stainless steel disc, expected to be 48 feet in diameter, will be suspended over the corner entrance at 40th Street, serving as both a canopy and a signature architectural gesture facing the park.
Other special features of the project include: upscale branding/identity opportunities at the grand entrance and on the ground floor along the Avenue of the Americas; 10-foot finished ceilings and full-height clear vision glass throughout; two spacious outdoor terraces overlooking the park on the building’s tenth floor; and multiple top-floor opportunities including the possibility for a signature “duplex” penthouse — one of the most unique office opportunities in Manhattan.
— Dan Marcec