Dramatic New Office Tower Set to Rise on Avenue of the… - Hines

Dramatic New Office Tower Set to Rise on Avenue of the Americas Overlooking Bryant Park

(NEW YORK) – Hines, along with partner Pacolet Milliken Enterprises, Inc., today announced the development of an iconic new trophy-class office tower on Avenue of the Americas overlooking Bryant Park. Designed by renowned architects Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners, the planned 28-story, 450,000-rentable-square-foot tower will be built on property that Pacolet Milliken has owned since 1954, a key parcel on Avenue of the Americas with full-block frontage at the southwest corner of the popular Manhattan park.

The development will be built as an as-of-right project within existing zoning guidelines. Demolition has been completed, allowing construction to start as early as 2012 and occupancy as early as 2014.

The project is slated for LEED® certification.

The orientation of the steel and glass tower will capitalize on direct views over the park and past the historic New York Public Library. The building’s entrance façade is punctuated by a concave sculptural detail which cuts into the building in an hourglass shape, distinguishing the design and creating unique feature windows on every tenant floor. A floating stainless steel disc, expected to be 48 feet in diameter, will be suspended over the corner entrance at 40th Street, serving as both a canopy and a signature architectural gesture facing the park, creating a sense of place, and serving as a memorable welcome point for tenants and their visitors.

According to Cobb, “The building was conceived in response to the extraordinary circumstance of its location at the corner of Bryant Park. The hourglass façade detail will be a lens through which building occupants can view the park with dramatic and alluring immediacy.”

Special features of the project include: upscale branding/identity opportunities at the grand entrance and on the ground floor along the Avenue of the Americas; 10-foot finished ceilings and full-height clear vision glass throughout; two spacious outdoor terraces overlooking the park on the building’s tenth floor; and multiple top-floor opportunities including the possibility for a signature “duplex” penthouse­ – one of the most unique office opportunities in Manhattan.

In the recent past, Hines has been particularly active in some of the tri-state area’s most significant and complex build-to-suit projects, including those for Morgan Stanley, Goldman Sachs, Royal Bank of Scotland, UBS and Bear Stearns.

This new multi-tenant building at Bryant Park will incorporate many of the attributes of the advanced technology, higher-quality characteristics of these workplaces, including the potential for trading floors in the base of the building.

Hines Senior Vice President Tommy Craig, head of the firm’s New York/tri-state regional activities, commented, “Pacolet Milliken is committed to stewardship of long-term, quality assets, so they make a great partner for Hines.

We are privileged to develop a project that combines such an exceptional location with a distinguished design. It will be a singular opportunity for mid-sized tenants in the midtown market. This project will focus on people and their productivity and become an urban campus where Bryant Park can be a backdrop for the identity of building tenants. It will take advantage of new technologies which create a modern, forward-thinking workplace — a smart building for smart users.”

Pacolet Milliken President Richard C. Webel added, “Our Company and its ownership families are proud to be part of a project that we believe will contribute to the Bryant Park environment. We are equally proud that the building responds to the challenge from Roger Milliken, our founding chairman, to create a uniquely distinguished design that reaches for a high level of sustainability.”

Pacolet Milliken Enterprises, Inc. is a private, family-owned investment company with a history that dates back, through Milliken & Company, to the 1860s. In addition to urban office property, Pacolet Milliken has divisions that operate regulated and merchant utility businesses, undeveloped land and forestry, and income real estate in the southeast US.

Hines has been active in the Tri-State NY, NJ, CT market since 1981, having developed in excess of 15 million square feet in the area. In addition, Hines is an active asset and property manager of both equity and third-party assets.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,126 properties representing more than 459 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.

With offices in 106 cities in 17 countries, and controlled assets valued at approximately $23.7 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.

Visit www.hines.com for more information.

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