Forest City Ratner has signed two more tenants for the new New York Times headquarters, including a New Jersey-based developer marketing a fresh office tower for Times Square. SJP Properties will lease 3,500 square feet in the Times headquarters to serve as its mareketing hub for the 1.1-million-square-foot tower it has planned for 11 Times Square.
Also, Samoo Architecture, based in Seoul, will take 5,300 square feet for its first American office.
With these two leases, Forest City's portion of the Times tower at 620 Eighth Avenue is 85 percent leased. The development firm owns floors 29 through 50 and floor 52 in the 52-story tower. It is expected to open this fall.
Full release on the new leases below.
FOREST CITY RATNER SIGNS TWO NEW TENANTS
FOR NEW YORK TIMES BUILDING:
SAMOO ARCHITECTURE AND SJP PROPERTIES
Samoo Opening First U.S. Office;
SJP To Market 11 Times Square
NEW YORK, Wednesday, April 25, 2007—Forest City Ratner Companies (FCRC) announced that two new tenants have signed leases for the 38th floor of The New York Times Building at 620 Eighth Avenue near Times Square.
Samoo Architecture P.C. (www.samoo.com), the design arm of Samoo Architects & Engineers, one of the largest architectural and engineering firms in Seoul, Korea, will lease 5,300 square feet to open its first office in the United States. Also, SJP Properties will lease 3,500 square feet to serve as a marketing center for its 1.1-million-square-foot office tower at 11 Times Square, which is commencing construction on the southeast corner of 42nd Street and Eighth Avenue.
With the signings, 85% of Forest City’s portion of the Times building is now leased, leaving only three floors of the 52-story building available through FCRC.
Bruce Ratner, President and CEO of Forest City Ratner Companies, said, “I’m extremely pleased that Samoo has chosen to make our soon-to-open New York Times Building the home for its first office in the United States. With Japanese retailer MUJI opening its flagship store in America in our lobby, the building is truly an international attraction. We are also proud that SJP Properties has selected the Times Building to open their marketing center for what promises to be a wonderful new addition to the neighborhood just one block north of the Times Building.”
"Our New York Office is extremely pleased to practice in one of the most architecturally significant, technologically advanced building not only in New York City, but in the world," said Soon Woo Kwon, President of Samoo Architecture P.C. "We look forward to bringing in our international architectural team to this building as well as the neighborhood."
“This is a great location to market our great new building,” said Steven J. Pozycki, Chairman and CEO of SJP Properties. “With the Times Building almost fully leased, there is a huge need for commercial space in Midtown and we’re confident we will attract high-quality tenants to 11 Times Square. We look forward to joining this vital neighborhood.”
Samoo plans to launch a high-design studio in the Times Building to focus on large-scale urban planning projects. It decided to open its first U.S. office in New York City because of the large talent pool in the design industry here. Samoo plans to design its own offices and anticipates growing its New York City staff to about 30 architects within two years.
Samoo Architecture P.C. makes available its international expertise to advise clients around the world in the areas of building design, construction and project management. Its parent company, Samoo Architects & Engineers, is an industry leader employing more than 700 professionals. Its more notable recent projects include the Tower Palace in Seoul, Korea, a seven-building luxury residential high-rise development; the Incheon International Airport Transportation Center; and the Samsung Electronics Digital Media Research Center, three-million-square-feet in Suwon, South Korea, that is one of the most advanced research campuses in the world.
SJP’s office in the New York Times Building will offer unobstructed views of the 11 Times Square construction site one block to the north. SJP’s commercial building will be an architecturally distinguished, environmentally advanced 1.1 million-square-foot office tower. SJP purchased the property, the last remaining development site within the Times Square Development Project, from the Milstein family in the summer of 2006. Construction will begin in May.
SJP Properties is a privately-held, full-service real estate firm that owns and manages more than 14 million square feet of Class A office space with prestigious tenants such as Bayer AG, BMW, Citigroup, Ingersoll-Rand, Merrill Lynch, Sanofi-Aventis and Tiffany & Co. SJP’s award-winning portfolio of development projects includes high-rise commercial and residential developments and suburban commercial campuses throughout the metropolitan area.
CB Richard Ellis represented all parties in the lease signings. MaryAnn Tighe, Howard Fiddle, Jason Pollen and Matthew Preotle represented FCRC; Stephen B. Siegel, Patrick Murphy, and Peter Turchin represented SJP Properties; and John Oh represented Samoo Architecture.
In addition, the New Jersey Nets have leased 10,000 square feet on the 38th floor, leaving 5,000 square feet of rentable space on the 38th floor.
Opening this fall, The New York Times Building was designed by Pritzker Prize-winning architect Renzo Piano in association with FXFOWLE Architects. Located at 620 Eighth Avenue between West 40th and 41st Streets, the 52-story building features a dramatic double-skin curtain wall of clear glass covered with a screen of ceramic rods.
The 1.5-million-gross-square-foot New York Times Building is owned jointly, as condominiums, by The New York Times Company and FCRC. The Times Company owns floors 2 through 27 and FCRC owns floors 29 through 50 and floor 52, as well as 21,000 square feet of retail space on the ground floor. Floors 28 and 51 are jointly owned by The Times Company and FCRC.
Forest City Ratner Companies owns and operates 30 properties in the New York metropolitan area—including 5.2 million square feet of office space. FCRC is a wholly owned subsidiary of Forest City Enterprises, Inc., a $9 billion NYSE-listed (ticker: FCE-A & FCE-B) national real estate company engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States.
Statements made in this news release that state Forest City Enterprises or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Forest City Enterprises' actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, real estate development and investment risks, economic conditions in the Forest City Enterprises ' core markets, reliance on major tenants, the impact of terrorist acts, the Forest City Enterprises' substantial leverage and the ability to service debt, guarantees under the Forest City Enterprises' credit facility, changes in interest rates, continued availability of tax-exempt government financing, the sustainability of substantial operations at the subsidiary level, significant geographic concentration, illiquidity of real estate investments, dependence on rental income from real property, conflicts of interest, competition, potential liability from syndicated properties, effects of uninsured loss, environmental liabilities, partnership risks, litigation risks, risks associated with an investment in a professional sports franchise, and other risk factors as disclosed from time to time in the Forest City Enterprises' SEC filings, including, but not limited to, the Forest City Enterprises' annual and quarterly reports.
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