1 year ago
217
Washington-based planetary instrumentality steadfast Venable LLP is moving to the Durst Organization's One Five One, the operation formerly known arsenic Four Times Square oregon the Condé Nast Building.
Christopher Sadowski
Washington-based planetary instrumentality steadfast Venable LLP is moving to the Durst Organization’s One Five One, the operation formerly known arsenic the Conde Nast Building.
Venable signed a 15-year lease for 157,800 quadrate feet connected the 48th done 52nd floors of the gathering that besides was antecedently known arsenic Four Times Square. The steadfast besides is leasing 11,000 quadrate feet of concourse space.
It’s 1 of the year’s largest deals.
But there’s much to the communicative than conscionable a future-embracing committedness by 1 institution astatine a clip erstwhile the pandemic has yet to extremity and galore employees proceed to enactment from home.
A fewer years ago, the skyscraper — the archetypal of 4 to spell up successful the precocious 1990s and aboriginal ’00s astatine the storied country wherever Broadway and Seventh Avenue diverge astatine West 42nd Street — was location to conscionable 2 companies: Conde Nast and instrumentality steadfast Skadden Arps.
The media giant’s determination to One World Trade Center and the instrumentality firm’s relocation to Manhattan West near the 52-story, 1.7 cardinal quadrate ft spot bare and raised questions astir Durst’s quality to refill truthful overmuch space.
Although One Five One was lone completed successful 1999, newer towers, including Durst’s ain One Bryant Park connected the aforesaid block, were seen to person the technological edge.
Venable signed a 15-year lease for 157,800 quadrate feet connected the 48th done 52nd floors — plus 11,000 quadrate feet of concourse abstraction — 1 of the year’s largest deals.David McGlynnBut Durst spent $150 cardinal connected superior upgrades to marque One Five One freshly competitive. Beyond a renovated lobby and a caller nutrient hallway wrong the redesigned erstwhile Conde Nast cafeteria, changes included specified environmentally-attuned features arsenic demand-controlled ventilation done sensors installed successful air-handling units.
The alterations earned One Five One a LEED Gold certification for existing buildings.
Venable’s 150-plus Big Apple attorneys volition besides bask different much-in-demand fresh-air amenity: a 3,000 quadrate ft wraparound terrace connected the 49th floor.
The improvements helped lure a batch of caller tenants — including TikTok (230,000 quadrate feet for its US headquarters), BMO and Nasdaq. The operation is present much than 92 percent leased.
Only 3 of the tower’s 52 floors and “a fewer halves” stay available, Durst leasing honcho Tom Bow said.
The erstwhile Four Times Square is seen arsenic the prima sets successful Manhattan. A large caller tenant is helping to thrust a resurgence successful the gathering and reflects Midtown’s resiliency.Getty ImagesThe swift re-tenanting besides reflects Midtown’s singular resiliency, which was down but not retired adjacent during the worst months of the pandemic. (TikTok signed its lease successful May of 2020.)
Asking rents connected the Venable abstraction ranged from $100 to $135 per quadrate foot.
Venable is consolidating from 2 Sixth Avenue addresses pursuing its caller merger with Fitzpatrick Cella Harper & Scinto. It expects to determination to One Five One successful the 2nd fractional of 2022.
Newmark’s Moshe Sukenik and Eric Zemachson brokered for Venable. Tom Bow and Rocco Romeo repped Durst in-house.
English (US)