The new hotel will have a 5,000-sf restaurant, a 7,700-sf ballroom and a 13,000-sf conference center. The eight-acre hotel property was purchased from Panattoni Development Co., the developer of Penn plaza. "The hotel will be a great amenity to the plaza," says Thomas M. Osborne, a principal at Resource Commercial Real Estate. His company represented Panattoni in the sale and leasing of the plaza property.
He tells GlobeSt.com that the rest of the plaza is moving forward well. Panattoni is now constructing the first of the three office buildings, a 140,000-sf, three-floor facility. The $22-million building already has a tenant, Allied Solutions, a provider of insurance, lending and marketing products to financial institutions. The company had signed a 35,000-sf lease in the building, but Osborne says Allied has expanded its space and will take the full, 48,000-sf top floor when it opens in November. "What has made this a successful preleased building is the size of the floorplates," Osborne says. "This has the largest floorplate of its kind for a speculative, multi-tenant office building in this market."
The lease rate for the new building is at $20.75 per sf, Osborne says. He says there is a lot of interest by potential tenants for the first building, as well as the other two planned facilities, a 143,000-sf building and an 80,000-sf building. "We've had quite a few proposals, the market is very active. We're hoping to attract at least one of those prospects, and there's a couple in the market that are capable of taking one of the other buildings in full."
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