AllianceBernstein Leases 189,000 SF at the Spiral
The investment management firm signed a 20-year lease at Tishman Speyer’s 65-story office tower where CoStar records pricey asking rents.
NEW YORK CITY—AllianceBernstein is moving to new construction, agreeing to lease 189,000 square feet at the Spiral. Tishman Speyer’s 1,031-foot-high office tower is being built on Manhattan’s West Side at 66 Hudson Blvd. The investment management firm signed a 20-year deal and plans to move into the 25th through 28th floors of the 65-story skyscraper in January 2025.
The asking rents for these floors was north of $100 per square foot according to CoStar Group.
Last year, AllianceBernstein had announced it was moving its headquarters from New York City to Nashville, TN. Its current lease at the Fisher Brothers’ office building at 1345 Ave. of the Americas expires in 2024. The investment research and services company signed a 205,000-square-foot lease for its Nashville headquarter at the mixed-used property Fifth + Broadway. Brookfield Properties is developing that complex at 501 Commerce St.
Tishman expects to complete construction in 2022. At that time, Pfizer will move its global headquarters taking 800,000 square feet in the Spiral. The biopharmaceuticals company sold its two buildings on E. 42nd Street and signed a 20-year lease for space in the 2.8 million square-foot tower designed by BIG-Bjarke Ingels Group.
With its cascading landscaped terraces that descend in a step-like form and hanging gardens wrapping around the building’s exterior, the architecture is said to create a spiraling motion. Tishman states that a green pathway built around the façade will provide the tenants with easy access to outdoor space.
Tishman’s president and CEO Rob Speyer says Bjarke Ingels’ unique design was partly what attracted AllianceBernstein to the deal. He adds the building is raising the bar for today’s creative, work environment.
Seth Bernstein, AllianceBernstein’s president and CEO, says the company conducted an extensive search for the right space. “We believe that the Spiral will help us to achieve a workplace that is equipped with collaborative tools, flexible open spaces, and state of the art staff amenities and innovative technology, all of which will help us to best serve our clients,” he says.
Close to the High Line, the Spiral extends from W. 34th to W. 35th streets and from Tenth Avenue to Bella Abzug Park. The six-story base of the building will include a lobby with 28-feet-high ceilings and approximately 25,000 square feet of retail space.
Newmark Knight Frank’s Neil Goldmacher, Jared Horowitz and Brian Goldman represented AllianceBernstein and Tishman Speyer was represented in-house with the Spiral lease. Fried Frank’s Ross Silver, Danielle Frank and James Schuster provided legal representation for AllianceBernstein. Silver, Frank and Eleanor Hughes served as their legal advisors in the Nashville lease.