Even in Manhattan, a building can go stale.
In Midtown South, for example, a commercial property can amass a litany of blue-chip legal practices and financial services firms in one decade, and then, 10 years later, watch as its tenant portfolio withers in prestige.
Take 2 Park Avenue. The building once served as the base of operations for Newsday and Times Mirror Inc. back in the 1980s and 1990s and more recently for The Hartford, the Connecticut-based insurance company.
“I’m more bullish today than I was in 2007,” said Cushman & Wakefield’s Tara Stacom of 1 World Trade and the outlook for the 1,776-foot tower that will offer 3.1 million square feet of Class A office space. “I did not think one of the first tenants would be a million-plus feet.”
Signing the lease with Condé Nast in May of this year was, for lack of a less hackneyed term, a game-changer for downtown Manhattan, especially as the area emerges not only from the Great Recession but from the malaise that characterized so much of the area since 9/11.
It was only two weeks until the ninth anniversary of the 9/11 terrorist attacks, and, needless to say, the woman now charged with leasing office space at One World Trade Center was dealing with a congested appointment book.
Media requests for walking tours at the building, now standing 36 stories, had reached capacity. Arrangements Read More
One of the industry's hot young talents, Paul Milunec, is leaving GVA Williams for Cushman & Wakefield.
The 28-year-old Mr. Milunec is joining Tara Stacom's high-profile team, where he'll be a director. Ms. Stacom has spent the better balance of the year rebuilding her team, after a devastating hit last year when Paul Amrich left Read More