(NEW YORK) – The New York office of Hines, the international real estate firm, announced today that it has been retained as redeveloper and property manager for 4 New York Plaza by building owner Edge Fund Advisors LLC. The 22-story, 1.1 million-square-foot office tower is located on the eastern edge of lower Manhattan.
Tommy Craig, Hines’ senior managing director for the New York Tri-State Region, said, “We are pleased to have formed this important relationship with Edge Fund Advisors. Hines will bring a seasoned team with unique redevelopment expertise to this complex project.”
4 New York Plaza was badly damaged by Hurricane Sandy in October 2012. The emergency and critical systems support infrastructure was partially destroyed. Incoming electrical service, steam and the city infrastructure were disabled, and several amenity spaces, including the cafeteria, were rendered unusable. Elevators, that were in the process of a complete modernization at the time the storm hit, were damaged and now require repairs.
Hines was retained to oversee the restoration of the basic building infrastructure, critical systems support provisions (emergency generation and UPS systems), as well as to increase the resiliency of the facility by moving many of these systems to elevations above future storm-surge levels. The cafeteria will be rebuilt and additional amenities added. Much of the replacement equipment will be state-of-the-art for energy efficiency, and Hines anticipates a significant positive impact on the building’s overall energy performance. The restoration, which is currently underway, is anticipated to be completed by October of this year.
“With our long history of working with mission critical systems and facilities, and with Hines’ expertise in these environments, we are quite confident in the timely restoration of these functions and the reinstatement of the tenants,” said Jim Lacancellera, managing director with Hines, who is leading the renovation.
In addition to the redevelopment assignment, Edge Fund Advisors hired Hines in April of this year to assume property management responsibilities at the building.
Hines East Region Senior Vice President Scott Murray said, “We look forward to working with Edge and the Hines project team to fully restore 4 New York Plaza to an operational status, and provide Hines’ best-in-class property management services to the owners and tenants. We will be bringing our full suite of property management services to help increase the tenant occupancy experience. Our entire NY operations team is energized to make a meaningful impact as tenants start reoccupying this great asset.”
“We chose Hines to manage 4 New York Plaza because of their proven capabilities with complex redevelopment assignments, and their commitment to continuously improve performance and satisfaction levels that we strive for in all of our properties,” said Mark Keller, chief executive officer of Edge Fund Advisors LLC.
The Brutalist-style 4 New York Plaza building was designed by Carson Lundin & Shaw architects, and was completed in 1968.
Edge Fund Advisors is a real estate investor and full-service real estate asset manager. Edge provides asset management services to HSBC Alternative Investments Limited. For more information, visit www.edge-funds.com.
Hines has been active in New York City since 1981, having developed six major buildings in midtown, including Philip Johnson’s “Lipstick Building” at 885 Third Avenue. Hines was the developer of 40 Mercer and the recently completed One Jackson Square in Greenwich Village. As part of its acquisition activity in the tri-state region, Hines added three major office buildings to its New York portfolio, including I.M. Pei’s 499 Avenue.
With the addition of this assignment, the firm currently manages 11 million square feet of office space in the tri-state area.
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 1,273 properties representing more than 514 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
Currently, Hines manages 406 properties totaling 148.5 million square feet, which includes 78.3 million square feet for third parties.
With offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 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.
4 New York Plaza