{"id":373741,"date":"2021-11-28T23:56:12","date_gmt":"2021-11-28T20:56:12","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/manhattan-skyscraper-snags-its-own-builder-as-a-tenant\/"},"modified":"2021-11-28T23:56:12","modified_gmt":"2021-11-28T20:56:12","slug":"manhattan-skyscraper-snags-its-own-builder-as-a-tenant","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/manhattan-skyscraper-snags-its-own-builder-as-a-tenant\/","title":{"rendered":"#Manhattan skyscraper snags its own builder as a tenant"},"content":{"rendered":"<p>&#8220;<strong>#Manhattan skyscraper snags its own builder as a tenant<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--columnist inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Steve Cuozzo\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png?w=38 38w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/>      <\/div>\n<\/div>\n<\/aside>\n<p>The Spiral is adding a large new tenant who won\u2019t have to ask where the elevators and the bathrooms are when it moves in.<\/p>\n<p>That\u2019s because Turner Construction Company, which just signed a 13-year, 75,000-square-foot lease, is actually building the new Tishman Speyer tower on the far West Side. Turner is the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> contractor on the BIG-Bjarke Ingels Group-designed skyscraper with a top-to-bottom landscaped spiral of exterior terraces.<\/p>\n<p>Turner is moving its worldwide headquarters to the third floor of the tower, aka \u00a066 Hudson Boulevard between West 34th and 35th streets. It will relocate from 375 Hudson St. in January 2023.<\/p>\n<p>The deal brings The Spiral\u2019s 2.8 million square feet to 54 percent leased with a year left before it\u2019s completed.<\/p>\n<p>Turner handles $12 billion of construction each year worldwide. Tishman Speyer President and CEO Rob Speyer called the firm \u00a0\u201can incredible partner as we built The Spiral, introducing <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>, safety and workforce innovations that make it a new standard for modern office development.\u201d<\/p>\n<p>Turner CEO Peter Davoren said the building \u201cwill provide us with an environment that so well defines our vision and the future of the company.\u201d<\/p>\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/turner-signs-new-lease-609.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Construction workers at The Spiral's site.\" class=\"wp-image-20288491\" width=\"618\" height=\"411\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/turner-signs-new-lease-609.jpg?quality=90&amp;strip=all&amp;w=1233 1236w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/turner-signs-new-lease-609.jpg?quality=90&amp;strip=all&amp;w=925 927w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/turner-signs-new-lease-609.jpg?quality=90&amp;strip=all&amp;w=618 618w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/turner-signs-new-lease-609.jpg?quality=90&amp;strip=all&amp;w=308 309w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/turner-signs-new-lease-609.jpg?quality=90&amp;strip=all 1024w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\"\/><figcaption>Tishman Speyer CEO Rob Speyer (second from right), along with others involved in creating The Spiral, signs the steel beam for the topping out of the building.<\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>The Spiral will also be home to COVID-beating vaccine maker Pfizer, the anchor tenant with 746,000 square feet. <\/p>\n<p>Large leases were also signed by law firm Debevoise &amp; Plimpton and AllianceBernstein.<\/p>\n<p>Terms of the Turner deal were not released. Asking rents in the tower have been reported as ranging from $110 per square foot at the base to $225-plus per square foot at the top.<\/p>\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/turner-signs-new-lease-607.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"A rendering of The Spiral with the Chrysler Building in the background\" class=\"wp-image-20288514\" width=\"618\" height=\"411\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/turner-signs-new-lease-607.jpg?quality=90&amp;strip=all&amp;w=1233 1236w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/turner-signs-new-lease-607.jpg?quality=90&amp;strip=all&amp;w=925 927w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/turner-signs-new-lease-607.jpg?quality=90&amp;strip=all&amp;w=618 618w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/turner-signs-new-lease-607.jpg?quality=90&amp;strip=all&amp;w=308 309w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/turner-signs-new-lease-607.jpg?quality=90&amp;strip=all 1024w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\"\/><figcaption>AllianceBernstein has also leased space in The Spiral, aka 66 Hudson Boulevard.<\/figcaption><figcaption><span class=\"credit\">The Spiral NY<\/span><\/figcaption><\/figure>\n<p>A CBRE team of Mary Ann Tighe, Rob Hill, Brendan Herlihy and Elliot Bok advised Turner on the deal. Tishman Speyer was repped by an in-house leasing team.<\/p>\n<hr class=\"wp-block-separator\"\/>\n<p>When <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> broke last week that Chubb signed on as the first tenant at 550 Madison Ave. \u2014 a deal that we first forecast three months earlier \u2014 observers, Realty Check included, were curious what the lease terms were.<\/p>\n<p>The first tenant at a new development or redevelopment typically gets a more favorable deal than those that follow.<\/p>\n<p>We\u2019ve now learned that Chubb will enjoy 12 months of free rent as part of a 20-year term, according to sources.<\/p>\n<p>Once the 12 months are up, the rent will increase in stages from $110 to $140 per square foot on floors 10 to 17 and from $160 to $190 per square foot on floors 36 to 38.<\/p>\n<hr class=\"wp-block-separator\"\/>\n<p>For a street where nobody wants to shop anymore \u2014 as lots of off-base <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> reports claim \u2014 \u00a0it\u2019s remarkable how the prime stretch of Madison Avenue north of 59th Street continues to draw luxury retailers even as some others move away.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/Heidi-Klum-Hermes-bab.jpg?quality=90&amp;strip=all\" alt=\"Heidi Klum wearing a camouflage Birkin bag from Hermes\" class=\"wp-image-20288649\" width=\"344\" height=\"442\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/Heidi-Klum-Hermes-bab.jpg?quality=90&amp;strip=all&amp;w=344 344w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/Heidi-Klum-Hermes-bab.jpg?quality=90&amp;strip=all&amp;w=172 172w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/Heidi-Klum-Hermes-bab.jpg?quality=90&amp;strip=all 461w\" sizes=\"auto, (max-width: 344px) 100vw, 344px\"\/><figcaption>Herm\u00e8s, maker of bags favored by style-setters like supermodel Heidi Klum, is opening a flagship store at 702 Madison Ave.<\/figcaption><figcaption><span class=\"credit\">GC Images<\/span><\/figcaption><\/figure>\n<\/div>\n<p>The newest arrival will be Italian menswear maker Kiton at currently vacant 692 Madison Ave. between East 62nd and 63rd streets. Kiton just signed a lease for a three-level, 3,400-square-foot boutique\u00a0next door to scarf and bag emporium Herm\u00e8s \u2014 which will soon move into a much larger space at 702 Madison.<\/p>\n<p>\u201cThis deal is a true testament to luxury retail in the city,\u201d said broker Marc Sitt of Kassin Sabbagh Realty, who with Dorel Melloul represented the landlord at 692 Madison, the Ezair family.<\/p>\n<p>\u201cWith Herm\u00e8s opening their new flagship, this corridor will be more vibrant than it was in previous years.\u00a0 We\u2019re h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>y we structured a lease which made sense for everyone,\u201d Sitt added.<\/p>\n<p>Herm\u00e8s will soon house its men\u2019s and women\u2019s collections in one building at 702 Madison. \u00a0<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-nypost-medium-post is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/cushman-wakefield.jpg?quality=90&amp;strip=all&amp;w=322\" alt=\"A building with the Cushman &amp; Wakefield logo on the front\" class=\"wp-image-20288940\" width=\"330\" height=\"211\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/cushman-wakefield.jpg?quality=90&amp;strip=all&amp;w=495 495w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/cushman-wakefield.jpg?quality=90&amp;strip=all&amp;w=330 330w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/cushman-wakefield.jpg?quality=90&amp;strip=all&amp;w=165 165w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/cushman-wakefield.jpg?quality=90&amp;strip=all 594w\" sizes=\"auto, (max-width: 330px) 100vw, 330px\"\/><figcaption>Cushman &amp; Wakefield handled Kiton\u2019s side of the leasing transaction at 692 Madison Ave.<\/figcaption><figcaption><span class=\"credit\">NurPhoto via Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<p>Kiton is expected to move in next\u00a0summer. The store will also remain at 4 E. 54th St., a building owned by Kiton.<\/p>\n<p>The Madison Avenue asking rent was $1.2 million per year.<\/p>\n<p>Kiton was repped by Cushman &amp; Wakefield\u2019s Alan Wildes and Ian Lerner. Sitt also credited Kiton lawyer Massimo D\u2019angelo for playing an important role in the deal.<\/p>\n<p>Other recent nearby retail transactions include Celine at 650 Madison Ave. and Balenciaga at 620 Madison.<\/p>\n<hr class=\"wp-block-separator\"\/>\n<p>Prolific architectural firm Kohn Pedersen Fox has renewed its lease and expanded at Tishman Speyer\u2019s 11 W. 42nd St. KPF added 38,000 square feet on the entire seventh floor, \u00a0bringing its total in the 1928-vintage building \u2014 known for its fine views and abundance of natural light \u2014 to more than 100,000 square feet.<\/p>\n<p>The rent started in the low $60s per square foot, sources said. As part of the deal, KPF will enjoy one year of free rent on the expansion floor.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/11\/28\/manhattan-skyscraper-snags-its-own-builder-as-a-tenant\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Manhattan skyscraper snags its own builder as a tenant&#8221; The Spiral is adding a large new tenant who won\u2019t have to ask where the elevators and the bathrooms are when it moves in. That\u2019s because Turner Construction Company, which just signed a 13-year, 75,000-square-foot lease, is actually building the new Tishman Speyer tower on the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":373742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/turner-signs-new-lease-606.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[120472,72881,120512,73770,76291],"class_list":["post-373741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-28-21","tag-commercial-real-estate","tag-far-west-side","tag-hermes","tag-midtown-east"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/373741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=373741"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/373741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/373742"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=373741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=373741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=373741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}