This major high-rise contains 48 floors and 1.6 million square feet. One distinguishing characteristic is its "environmentally responsible" design. This includes systems and construction designed to minimize effects on occupant health, energy reduction; indoor air quality; recycling systems; and sustainable manufacturing processes.
Located at Forty-second and Broadway in Manhattan, 4 Times Square did not get off to an easy start. Construction began at a low point in the rental cycle and the developer, The Durst Organization (www.durst.org) was unable to obtain outside financing. The company put up its own funds to get the project started and soon found a major tenant, the Conde Nast Corporation. Part of a larger Forty-second Street Master Plan, this interesting "green" building has been called "a piece of urban theater."1
From a feasibility standpoint, questions included a nontangible, the developer's vision. While Durst's initial investment was high due to the environmentally-oriented design elements, long-term savings in utilities have been significant.2
Also called the Conde Nast Building, this project was the first speculative office project developed in Manhattan in more than 10 years. The locational amenity is a strong tenant draw, and the environmental design aspects are equally interesting, both to government and to potential tenants. This project makes the point that amenities and tenant-based value are not always limited to tangible benefits associated with a site. The amenity of status location and innovative design may be equally important and appealing.
traditional office building, the industrial park site may tend to consist of relatively small office spaces, a limited number of onsite employees, and a greater emphasis on industrial sites with a front office (as opposed to separate office and industrial tenants). It may be more common to find a concentration of employees in the production area of such combined facilities, with office space required only for reception/clerical employees and a few members of management. While this is a generalization, it is applicable in many situations. However, recognizing the advantages to flexibility in design, an office/industrial complex may be designed to respond to a variety of dissimilar tenant requirements, including specific design criteria for tenants able to commit to long-term leases.
The combined market and feasibility studies involved with office spaces often rely upon first finding a major tenant or, in the case of corporate offices, occupying a building as a headquarters or major divisional office. This is not always possible, however.
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