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Thread: 300 Madison Avenue @ East 42nd St - CIBC Headquarters - by Skidmore, Owings & Merrill

  1. #16

    Default CIBC / 425 5th Ave - Midtown

    Not necessarily.
    The antenna of Conde Nast is supposed to be temporary, and I don't see 1 Bryant Park being built in the near future.

    Maybe a 70-story building in a decade, then ?

  2. #17

    Default CIBC / 425 5th Ave - Midtown

    I don't see 1 Bryant Park being built in the near future
    Is that so? *I hope not, though we haven't heard much about it lately. *I remember a story in the Times about how the long saga of that site was finally drawing to a close. *They did demolish that one tall, skinny building on the site...

  3. #18

    Default CIBC / 425 5th Ave - Midtown

    That doesn't mean anything.
    Sites are often cleared years before the construction actually starts. That reminds me of painful memories...

  4. #19
    Forum Veteran
    Join Date
    Nov 2002
    New York City

    Default CIBC / 425 5th Ave - Midtown

    Like Travelstead, Fabb?

  5. #20

    Default CIBC / 425 5th Ave - Midtown

    Quote: from Fabb on 3:32 pm on April 4, 2003
    That doesn't mean anything. *Sites are often cleared years before the construction actually starts. That reminds me of painful memories...
    That's true. *But at this location, and in Midtown it could be a good sign. *Also, there has been talk of new towers in Midtown for a while now, with not many vacan sites in prime locations. *Here's an article from the Times, a couple of weeks ago for exampl...
    .................................................. ................

    Bank of America Is Scouting Midtown as New Headquarters


    Bank of America is working on tentative plans for a new headquarters in Midtown Manhattan, possibly on 42nd Street, New York's boulevard of dreams. The prospect is causing enthusiasm bordering on giddiness among developers and state and city officials.

    The bank, which has thousands of employees at several Manhattan locations, has been meeting in recent weeks with developers like Douglas Durst of the Durst Organization and Richard Clark of Brookfield Financial Properties, as well as public officials, to discuss its search for a new one-million-square-foot home.........

    Peter G. Riguardi, president of Jones Lang LaSalle, a real estate company working for the bank, declined to comment.

    But one real estate executive who has met with the bank's real estate team said, "They appear to be very serious about consolidation and going into a new development."

    One developer added that the bank was trying to take advantage of a weak real estate market to make a deal. "They want a world-class headquarters at a bargain-basement price," he said.

    The bank, which leases space at 9 West 57th Street and several other locations, has talked to Brookfield Financial Properties about the tower Brookfield is building at Madison Avenue and 42nd Street.

    The Canadian Imperial Bank of Commerce, which was supposed to occupy the entire building, has decided to take only 375,000 square feet and sublease the remaining 765,000.

    A more likely candidate for a site, city and state officials said, is at 42nd Street and the Avenue of the Americas, where Douglas Durst has long wanted to build a skyscraper. The two sides have met several times and Mr. Durst has asked state officials if they would condemn a handful of properties he does not already own on the block.

    The bank is paying some of the highest rents in the city, real estate brokers said, and could easily move into a new building at a lower rent. But even at the peak of the city's real estate boom, in 2000, Mr. Durst and other developers found it hard to snare a major tenant. It is unclear, the brokers said, whether Bank of America will make a deal.

  6. #21
    Join Date
    Nov 2002
    N40 44' 53.977" W073 59' 10.812"


    PwC inks deal for 800,000 square feet in midtown

    PricewaterhouseCoopers has signed a long-term sublease for about 800,000 square feet at 300 Madison Ave., Brookfield Properties Corp. announced today.

    The just-completed,1.2 million-square-foot midtown office tower was developed by Brookfield and built for CIBC World Markets, which will occupy the rest of the building.

    Brookfield said it believes the PwC deal to be "one of the largest leasing transactions in New York City since 2001." PwC will consolidate its national leadership and New York practices in the 35-story building, which will be named the PricewaterhouseCoopers Center. The consulting firm expects to begin taking occupancy this summer and have the majority of its 3,500 New York employees installed at 300 Madison by January 2005. They are now located at leased space at 1177 and 1301 Sixth Ave. CIBC will move in by the end of this year.

    In a simultaneous closing with the deal for the Madison Avenue space, PwC sublet 283,000 square feet of its 1301 Sixth Ave. space to law firm Kramer Levin Naftalis & Frankel. Newmark & Co. represented both Kramer and PwC in the subleasing deal and is currently working with PwC to sublet the remaining 250,000 square feet available at 1301 Sixth Ave.

    Copyright 2004, Crain Communications, Inc

  7. #22


    January 20, 2004

    Pricewaterhouse Moving to Madison Ave. Tower


    PricewaterhouseCoopers, the accounting and consulting company, announced yesterday that it had completed its long-anticipated deal to move to a new home at Madison Avenue and 42nd Street in one of the largest leasing deals in three years.

    Pricewaterhouse signed a lease for 800,000 square feet, or two-thirds of the newly completed tower at 300 Madison Avenue, where it plans to move 3,500 employees in the next year. The 35-story building will most likely be named PricewaterhouseCoopers Center.

    The deal followed a game of real-estate musical chairs. Brookfield Financial Properties originally built the tower for CIBC World Markets. But CIBC, the Canadian investment bank, reconsidered moving its whole New York operation there after the Sept. 11 terrorist attack and began looking for a subtenant. Finding one was not easy. There was lots of competition for tenants, because vacancy rates were up and rents down.

    Pricewaterhouse itself had long been in the market for a Midtown spot to consolidate its operations. After chasing a number of prospects elsewhere, the company landed on 300 Madison, but it did not want to make a move until it had a tenant for its current space at 1177 Avenue of the Americas, between 45th and 46th Streets.

    Up jumped Kramer, Levin, Naftalis & Frankel, a law firm with offices at 919 and 909 Third Avenue. Kramer, Levin agreed to lease 283,000 square feet at 1177 Avenue of the Americas in a move that represents both a consolidation and an expansion.

    The deals, which were struck simultaneously, were something of a full-employment act for real estate companies. Lou Varsames of the CLW Real Estate Services Group was lead adviser to Pricewaterhouse, while CB Richard Ellis was a co-broker. Newmark & Company represented Kramer, Levin and Pricewaterhouse at 1177 Avenue of the Americas and was a financial adviser to Pricewaterhouse on 300 Madison. And Brookfield represented CIBC, which will occupy the rest of the space at 300 Madison.

    "The market is showing some real activity," said Scott Klau, executive vice president for Newmark. "People perceive that we've reached bottom. Whether perception turns into reality, we'll see."

    Copyright 2004 The New York Times Company

  8. #23


    February 1, 2004


    Lessons of 9/11 Shape an Office Tower


    AT the shiny glass and stainless steel office building soon to open at the southwest corner of 42nd Street and Madison Avenue, both the design and the tenancy reflect the realities of life in the post-Sept. 11 era.

    The 35-story, 1.2-million-square-foot building has been "hardened" to protect its occupants from attacks by car or truck bombs, which are considered more likely urban hazards than the jumbo airplanes that felled the twin towers of the World Trade Center. Although changes to the Building Code that grew out of the World Trade Center tragedy are wending their way through city government, the adjustments made by a private developer here could set a de facto standard for future office buildings in Manhattan.

    "Users have concerns and the lenders will demand this level of safety and comfort in the future," said Mary Ann Tighe, chief executive for the tristate region of CB Richard Ellis, the brokerage and services company, which was recently involved in bringing a client to the building.

    "In the past when people asked about safety," she added, "they were asking about the neighborhood. Today they are interested in things like progressive collapse."

    Richard B. Clark, the president of Brookfield Financial Properties, which developed and will continue to own the property, said: "I don't know if it is an industry standard yet, but it certainly is our standard. I cannot imagine building to a lesser standard."

    Progressive collapse is what engineers call what happened to the buildings at the Trade Center. Although the final judgment on the towers' fall has not yet been reached, it is generally thought that the intense fires at the crash sites weakened the lightweight trusses that supported the floors, causing them to pull away from their vertical supports and fall.

    Both the developer of the new building and one of its principal tenants experienced the events of Sept. 11, 2001, firsthand. Brookfield is a Canadian company that owns the World Financial Center and One Liberty Plaza, both just across the street from the Trade Center.

    Brookfield has its offices at One Liberty, and one of the new Midtown building's lead tenants, CIBC World Markets, was at One World Financial Center. Both buildings were damaged by the collapse of the twin towers and were closed for a time while being repaired.

    "I was in the lobby of One Liberty when the first tower came down," said Lawrence F. Graham, Brookfield's executive vice president for development. "For a while there, we didn't have any offices downtown."

    Even before Sept. 11, the building at 300 Madison, had been designed to be more robust than the standard office building, with trusses added to the building's midsection and top that would spread loads if one or more vertical columns were knocked out by a blast or crash. And special attention had been paid to the connectors that attach the floors to vertical columns. These unseen links are often simplified to hold down costs, Brookfield executives said.

    But the attack on the trade center happened at a point when there was still time to make the 300 Madison project even more sturdy. Although the design was complete and some materials had been ordered, the building's site at the time was simply a hole in the ground. Workmen were digging for the foundations and doing so by mechanical means rather than blasting because the shuttle and No. 7 subway lines were only eight feet away.

    Because work on the building itself had not started, it was possible to modify the design without driving costs out of sight. "If you do that sort of thing early, it can be handled," said Alfred SanFilippo, Brookfield's senior vice president for development. "But if you have to retrofit, it gets very expensive."

    Shortly after the attack, Brookfield officials met with representatives of CIBC the investment banking subsidiary of the Canadian Imperial Bank of Commerce and architects from Skidmore, Owings & Merrill to decide on changes needed to harden the building against attack. "We did it in four to six weeks," Mr. Graham said. "We made decisions on the spot."

    MEANWHILE, work continued at the site, despite the diversion of men and equipment to deal with the disaster at the southern tip of Manhattan. "We never stopped the job," said James C. McKenna, a senior vice president for Turner Construction, which managed the project.

    The upshot of the redesign was that the structural steel columns on the outer shell facing streets were reinforced from the street level up to the second story to enable the building to better resist a truck or car bomb. Steel plates were welded over the open flanges of the "H" shaped columns, producing stronger box columns.

    Adding the plates allowed the basic structure of the building to stay within design limits, including the decorative metal cladding used where the columns are exposed in the second-story lobby. "We could have done it with concrete, but that would have messed up the design," Mr. Graham said.

    Zoning requirements in the area added some special problems, said Roger F. Duffy Jr., the Skidmore partner responsible for the building. "Zoning requires continuous retail on 42nd Street and Madison Avenue, except for one 30-foot opening on each street," he said.

    Since the stores would be vulnerable to an attack by somebody walking in their front doors, the concrete block walls separating them from the main building were reinforced by adding steel reinforcement bars and filling the empty spaces with concrete.

    The areas around the loading dock and messenger center on 41st Street were similarly reinforced, and movable bollards were added in front of the loading dock to keep out unwanted trucks.

    On the wider lower section of the building, known as the podium, all of the windows were fitted with blast-resistant glass. Some of it is tempered, because it resists breakage and if broken crumbles to small pieces rather than producing flying shards, as happens with standard glass. But much of it is double-pane glass, with the outer layer tempered for strength and the inner laminated, like the windshield of an automobile, to prevent flying shards in case of an attack.

    "The outer layer is sacrificial, and the inner layer is supposed to remain," said Mr. Clark of Brookfield. "That's how it worked at the Winter Garden," the large glass-enclosed hall at the Financial Center.

    "We had already ordered the facade for the building," said Mr. Graham, referring to 300 Madison. "So we had to find glass that would fit into existing frames."

    Because of the devastating fires in the twin towers and at 7 World Trade Center, which also fell, more attention was paid to fire tolerance and suppression. The amount of fireproofing insulation throughout the building was increased to three hours of resistance from two.

    Pipes to feed water to sprinklers were installed in both stairwells, instead of just one, as is customary, to ensure that damage to one part of the building would not stop firefighting elsewhere. And because of the role that fuel tanks are thought to have played in the fire at 7 World Trade Center, the fuel for backup generators has its own foam fire protection system, separate from the sprinklers.

    Brookfield officials said the physical changes added only $3 million in costs to the $600 million project. They say that as the building's long-term owner, as well as its developer, they had an interest in providing for the safety and comfort of tenants.

    "We had a sequence of goals," Mr. Graham said. "The first was to prevent collapse, then protect people from flying glass. After that we wanted to keep building systems operating." There are multiple sites where telecommunications cables enter the building, and a provision has been made for a second electrical entrance, if needed.

    Some of the electrical generators are dedicated to keeping the lights and other building services in operation, while others are assigned to keeping the bank's financial transactions going in a power failure.

    Sept. 11 even changed the way the building is going to be used. Brookfield, which is based in Toronto, took over the New York real estate portfolio of the financially ailing Olympia & York in the early 1990's. One of its clients was CIBC, which wanted to consolidate its scattered New York operations. The bank is also an investor in Brookfield.

    The bank agreed in the summer of 2001 to lease the entire building, which was to be built for it by Brookfield in its first major construction project in the United States. Then came the attack, which devastated some companies that had concentrated their operations in the twin towers.

    After that, the bank decided, for what Mr. Clark delicately terms "business continuity reasons" that it did not want all its operations in one place. With the assistance of Brookfield, the bank set out to seek a subtenant for two-thirds of the building.

    Lease in hand, Brookfield went ahead with construction of the building on a desirable, but difficult to build on, location a block west of Grand Central Terminal.

    The site was a complex assemblage of land involving the acquisition of the four buildings that made up the old Union Carbide headquarters as well as town houses and air rights over town houses to the west and even some air rights from Grand Central. It was begun by the developer Harry Macklowe, who lost control of the project to his mortgage holder, CS First Boston, in 1999.

    To complete the deal, Brookfield had to agree to move a high-grossing McDonald's restaurant two doors to the west on 42nd Street and build it while demolishing the asbestos-laden buildings on the eastern end of the block. The land and air rights cost $150 million, according to Brookfield, and required the signing of 190 documents.

    One complicating factor in the design is that the land slopes about 15 feet from 41st Street to 42nd, a reminder that Manhattan once had hills and valleys. Since the building had to be level, excavation went below the old foundations on the site, where there are two and a half levels below grade.

    The underground levels will include an auditorium, a cafeteria and executive parking for 42 cars, Mr. Graham said.

    The same subway lines that required such care in digging could also be a problem because the rumbling trains might send unwanted vibrations into the building. As a result, some spaces in the lower part of the building have been structurally isolated to minimize disruptions.

    In January, CIBC found its tenant and agreed to sublet 800,000 square feet in the building's tower to PricewaterhouseCoopers, the accounting and consulting firm.

    A spokesman for PricewaterhouseCoopers said additional physical security was not on the minds of its executives when they started searching for a place to consolidate their New York operations, but the building's features "weighed positive" in the decision to sign the sublease at 300 Madison.

    The bank itself will occupy the podium section on the lower floors, where financial trading operations will be housed. On two trading floors, capable of holding 500 people each, the design included lowering the basic floor slab so wiring and a raised floor could be installed. And with such a concentration of people four times the normal density of an office building the trading floors had be equipped with more services than usual, and triplewide staircases were installed to permit a quick evacuation, if necessary.

    The building is designed so that all of its emergency evacuation routes exit directly to the street instead of forcing people to go through possibly crowded lobbies.

    WITH the building's basic shell complete, Brookfield officials say they expect it to be occupied in six to nine months, once interior construction has been completed to tenants' specifications. The only spaces left to be rented are stores along 42nd Street and Madison Avenue.

    Because zoning rules permitted only one 30-foot entrance on each street side of the building, designers decided to combine them at the corner of 42nd Street and Madison Avenue and use escalators to take visitors up to a big lobby on the second floor atop the retail space. The space above the escalators is an atrium for the eight stories of the podium to admit natural light and provide views of Grand Central and the Chrysler Building to the east.

    (All this space is part of the 1.2 million square feet that Brookfield considers part of the building's rentable area. Zoning rules, however, do not count common areas, including mechanical floors, elevator shafts and underground floors, in space calculations, even though they are proportionately added to each tenant's rent. Thus, for zoning purposes, the building's space is put at 850,750 square feet.)

    The new building, which will probably be named for PricewaterhouseCoopers, is the first new construction for Brookfield and its predecessor, Olympia & York, since the last of the World Financial Center buildings was completed in the late 1980's. Mr. Clark said the company is happy to be back in the development business and is prepared to build on a site it controls at 31st Street and Ninth Avenue, just west of the Farley Post Office, if a suitable project develops.

    Copyright 2004 The New York Times Company

  9. #24


    Christian, thanks for posting that article.
    Lots of good info.
    I'm glad they didn't get the extra air rights that would
    have resulted in an even bulkier building.

  10. #25


    Mr. Clark said the company is happy to be back in the development business and is prepared to build on a site it controls at 31st Street and Ninth Avenue, just west of the Farley Post Office, if a suitable project develops.

  11. #26


    Not too bad, but the 35-floor building is a bit too short for me.

  12. #27


    Check out this time-lapse of the construction. It's awesome how they make it seem done in a few continuous days.

  13. #28


    um...never mind

  14. #29
    Forum Veteran
    Join Date
    Jan 2002
    West Harlem


    Up the atrium, before the guard told me I can't take pictures... I thought it was a public lobby?

  15. #30


    Quote Originally Posted by Gulcrapek
    Up the atrium, before the guard told me I can't take pictures... I thought it was a public lobby?
    A guard told me I can't take the pictures when I was standing outside of the building, on the public sidewalk, on the opposite side of the street.

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