| Eleven Times Square is on track for completion this summer. We hadn't visited the 1.1M SF, FXFOWLE-designed building since its hard-hat days, so we joined NAIOP NYC's Developing Leaders group for a grand tour (and to see why Proskauer Rose inked a 14-floor, 400k SF anchor lease). |
| We snapped the Developing Leaders in the building's expansive 6.5k SF space. Leasing agent Peter Turchin of CBRE tells us it has the scale and size of new building lobbies, but more readily accessible—you walk in straight to the security desks, then straight back to the elevator banks, unlike the “quagmire” of some other buildings. It's one of the many design features, including the destination elevators and two-inch thick façade glass (for enhanced energy efficiency and noise reduction) incorporated into the building. Proskauer plans to move in early next year. |
| Ackman-Ziff's Rick Lechtman, Newmark Knight Frank's Brandl Frey, Beckerman Real Estate Fund Advisory's Sagar Dalal, building owner SJP Properties EVP Doug Allen, Peter, Ackman-Ziff's Joe Tufariello (NAIOP prez), and CBRE's Greg Maurer-Hollaender. Another innovative feature? A concrete core that contains all of the building's critical elements, developed before the steel was erected—the first in NYC to do so, Doug says. Eleven Times Square also features double-width fire stairs that allow transfers to other stairwells, column-free corners, floor-to-ceiling glass with solar shades, and multiple fan units, so there's backup. Supplemental spaces for building systems were also built to allow for future demand. The building is pursuing LEED Gold and already 30% above that standard for air circulation. |
| NAIOP members overlook the Hudson from Eleven's 34th floor. This was Developing Leaders' third exec lunch event, a chance for under 35s in the industry to have an intimate discussions with top-level folks. Recent economic woes have brought about challenges to all, but especially to this age group as budget cuts force companies to curtail hiring, promotions, and reimbursements for academic and professional pursuits, group chair Sagar tells us. They also don't get the support or recognition from many organizations as the future of the industry, so they face a lack of development and leadership training. There's been strong participation from many of NAIOP NYC's 100 members, who've already held a Q&A with SL Green's Andrew Mathias and a behind-the-scenes tour of One Bryant Park with The Durst Org.'s Helena Durst. |
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