NEW YORK CITY-With asking rents on the rise and availability in the market remaining constrained, developer Hines and partner Pacolet Milliken are moving forward with plans for a 28-story office tower at 1045 Avenue of the Americas.
The project is pending financing and the stamp of approval of an anchor tenant for a block of its 450,000-rentable square feet, according to the Wall Street Journal.
According to Hines, which did not return phone calls from GlobeSt.com seeking comment, the building will feature branding opportunities at the entrance and on the ground floor, outdoor terraces on the tenth floor overlooking Bryant Park and the possibility of a signature duplex penthouse.
Pacolet Milliken has owned the land where the tower is set to rise since 1954. “Our company and its ownership families are proud to be part of a project that we believe will contribute to the Bryant Park environment,” the firm’s president, Richard Webel, said in a prepared statement. “We are equally proud that the building responds to the challenge from Roger Milliken, our founding chairman, to create a uniquely distinguished design that reaches for a high level of sustainability.” That sustainability includes a planned LEED certification.
“We are privileged to develop a project that combines such an exceptional location with a distinguished design,” Hines SVP Tommy Craig, head of the New York and tri-state region, said. “It will be a singular opportunity for mid-sized tenants in the midtown market.”
Tenants in the market are up against tight availabilities of space. According to a July Midtown office report from CB Richard Ellis, the vacancy rate for the area was at 7.8% in June, down from 9.8% the same month a year earlier.
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