1 New York Plaza Explained

One New York Plaza
Status:Complete
Location:1 New York Plaza, Manhattan, New York 10004, U.S.
Mapframe-Wikidata:yes
Start Date:1967
Completion Date:1969
Architect:Kahn & Jacobs, Lescaze & Associates
Owner:China Investment Corporation (49%)
Brookfield Office Properties (35%)
AEW Capital Management (15%)
Floor Count:50
Floor Area:2556000square feet
Building Type:Office
Architectural Style:Modernist
Renovation Date:2014
Elevator Count:45
Structural Engineer:Aaron Garfinkel & Associates
Main Contractor:George A. Fuller Company
Pushpin Label:1 New York Plaza
Opening:1970
Developer:Atlas-McGrath
Landlord:Brookfield Office Properties

1 New York Plaza is an office building in the Financial District of Manhattan in New York City, at the intersection of South and Whitehall Streets near South Ferry. The building, measuring 640feet tall with 50 floors, is the southernmost skyscraper in Lower Manhattan. It was designed by William Lescaze & Assocs. and Kahn & Jacobs, and developed by Sol Atlas and John P. McGrath.[1]

The facade was designed by Nevio Maggiora, consisting of a boxlike "beehive" pattern with the windows recessed within, made of aluminum-clad wall elements resembling a type of thermally activated elevator button popular at the time of construction.[2] There is a 40000ft2 retail concourse on the lower level.[3]

History

Construction and early years

In 1959, the City of New York attempted to acquire the land under this development through eminent domain as part of the Battery Park Urban Renewal Area. The plan involved consolidating several blocks into a "superblock" for public housing. When that plan fell through, the city hoped to entice the New York Stock Exchange to relocate to the property. However, the owner of the property—the firm of Atlas McGrath—successfully sued to retain their land, claiming they were more than willing to develop the site privately.[4]

Shortly after groundbreaking, Chase Manhattan Bank signed a 30-year, $200 million lease for 1.062e6sqft of space across 22 floors in the building.[5] Investment bank Salomon Brothers was another early tenant, moving into the building in 1970.[6] On August 5, 1970, the building suffered a fire in which two people were killed and 35 injured. The cause of the fire was a faulty computer connection across from the office of the Townsend-Greenspan firm, which Alan Greenspan owned.[7] The deaths were caused after an occupied elevator was "summoned" to the burning floor when one of the thermally-activated call buttons—designed to react to a warm finger tapping it—reacted instead to the heat of the fire on that floor.[8]

Insurance brokerage Thomson & McKinnon Auchincloss Kohlmeyer signed a lease for 115000square feet on the building's 47th through 49th floors in February 1975.[9] At the time, the building was reportedly 95% occupied. In March 1978, investment bank First Boston signed a lease for 191000square feet in the building, relocating from nearby 20 Exchange Place.[10]

Chase ownership

In 1989, Chase purchased the building for $140 million. However, in 1991 Chase moved much of its staff from the building to MetroTech Center in Downtown Brooklyn and Salomon Brothers left for 7 World Trade Center. With the additional loss of Thomson & McKinnon, which had declared bankruptcy, 1.7e6sqft of the building were vacant.[11]

Chase renovated the building in the early 1990s, spending $50 million to improve the lobby, elevator cabs and plaza and an additional $50 million on asbestos removal.[12] Shortly afterward, Prudential Securities signed a lease for over 1e6sqft of space in the building. The company received at least $106 million in tax breaks and incentives for the move and invested over $147 million in the space to build a data center, trading floor and special generators to ensure power to the building.

Two years later, in 1994, Prudential expanded by leasing another 145000square feet in the building.[13] The same year, Goldman Sachs leased 425000square feet of space in the building.[14]

Trizec Properties ownership

In 1999, Canadian real estate company Trizec Properties purchased the building for $390 million from Chase Manhattan Bank.[15] One New York Plaza's air-conditioning chiller depends on Con Ed's New York City steam system.[16] On August 11, 2001, a steam turbine failed in the basement, and the damage from the resulting explosion disrupted Goldman's market-making NASDAQ activities for the day.

In 2003, Prudential Securities was acquired by Wachovia causing the combined company to offer all 1.3e6sqft of its space in the building for sublease.[17] Morgan Stanley signed a lease for 648000square feet of Prudential's former office space in June 2005. The company committed to moving 2,300 employees to the building and received $11 million in tax incentives from New York State. Around the same time, the law firm Fried Frank renewed their 380000square feet space on the building's 22nd–30th floors.[18]

Lehman Brothers and Goldman Sachs provided a $400 million commercial mortgage-backed security mortgage on the building in 2006.[19] That same year, Brookfield Office Properties acquired Trizec Properties, becoming the new owners of 1 New York Plaza.

In April 2012, Morgan Stanley expanded to 1.153e6sqft of space in a lease that runs through 2029. The new space was formerly occupied by Goldman Sachs until it consolidated into the recently completed 200 West Street in 2011. After the expansion, the building was about 85% occupied.[20]

Hurricane Sandy and recent history

In October 2012, the building was heavily damaged by Hurricane Sandy when an estimated 28e6usgal of water flooded the lower levels of the building. The retail concourse was submerged and needed to be completely gut-renovated. Office tenants were allowed to return starting November 17, 2012, and the retail concourse reopened in the winter of 2014.[21]

In March 2014, the National Association of Insurance Commissioners moved their headquarters to a 19218square feet space on the building's 42nd floor.[22] Around the same time, Revlon moved into 91164square feet on the top two floors of the building that had previously served as Goldman Sachs' trading floors.[23] The same year, architectural design firm Davis Brody Bond also moved into 26354square feet on the 42nd floor, the National Futures Association took 36000square feet on the 43rd floor, and WellCare signed a lease for 68323square feet.[24] [25] Macmillan Publishers signed the largest deal of the year at the building, taking 176121square feet across the 45th through 48th floors for their Science and Education division.[26] After the flurry of deals, the building ended the year 99% occupied.

The building's retail concourse reopened in the winter of 2015 after a three year, $14 million redesign.[27] New tenants in the space included Starbucks, Chipotle Mexican Grill, Chopt, and Gateway Newstands.[28]

In March 2016, Wells Fargo provided a $750 million mortgage on the building. Two months later, the China Investment Corporation (CIC), a sovereign wealth fund, paid $700 million for a 49% stake in the building from Brookfield, valuing the property at over $1.4 billion.[29] [30] At the end of the year, AEW Capital Management acquired a roughly 15% stake from Brookfield for $232.2 million at the same $1.4 billion valuation.[31] [32] Brookfield refinanced the building in December 2020 with a $835 million mortgage from BMO Harris Bank, Goldman Sachs, and Wells Fargo, replacing Wells Fargo's earliermortgage.[33] In April 2022, Brookfield and CIC placed One New York Plaza for sale,[34] [35] amid declining demand for office space in New York City.[36] The building's co-owners withdrew their offer to sell the building in January 2023.[37]

Tenants

Notable former occupants of One New York Plaza include Salomon Brothers in its heyday and Goldman Sachs. Current tenants are Fried, Frank, Harris, Shriver & Jacobson[38] Morgan Stanley,[39] Nature Publishing Group,[40] and Revlon.

See also

External links

Notes and References

  1. News: Sol Atlas Dies; Build was 66. The New York Times. July 31, 1973. March 29, 2019. March 29, 2019. https://web.archive.org/web/20190329170501/https://www.nytimes.com/1973/07/31/archives/sol-atlas-dies-builder-was-66-expert-on-shopping-centers-also.html. live.
  2. Book: Europe meets America : William Lescaze, architect of modern housing. Gaia Caramellino. 2016. Cambridge Scholars Publishing. 956992385.
  3. Web site: One New York Plaza in New York – New York. Brookfield Office Properties. February 25, 2014. https://web.archive.org/web/20131120033233/http://www.brookfieldofficeproperties.com/us/new-york/one-new-york-plaza. November 20, 2013. dead.
  4. Web site: New York Architecture Images-ONE NEW YORK PLAZA. Nyc-architecture.com. February 25, 2014. October 19, 2019. https://web.archive.org/web/20191019011327/http://www.nyc-architecture.com/LM/LM024-ONENEWYORKPLAZA.htm. live.
  5. News: Chase Bank Sets Record Here In Signing $200-Million Lease. March 14, 1967. Fowler. Glenn. The New York Times. February 6, 2019. July 31, 2022. https://web.archive.org/web/20220731012107/https://timesmachine.nytimes.com/timesmachine/1967/03/14/90292015.html?pdf_redirect=true&site=false. live.
  6. News: Offices Changed By Salomon Bros.. July 28, 1970. The New York Times. February 6, 2019. July 31, 2022. https://web.archive.org/web/20220731012107/https://www.nytimes.com/1970/07/28/archives/offices-changed-by-salomon-bros-new-8million-quarters-full-of-data.html. live.
  7. Book: Mallaby, Sebastian . The Man Who Knew: The Life and Times of Alan Greenspan . New York . Penguin Press . 2016 . 9781594204845. 136–137.
  8. News: Lipton. Eric. Eric Lipton. Glanz. James. James Glanz. April 2, 2002. U.S. Report on Trade Center Echoes Lessons of Past Disasters. The New York Times. July 20, 2015. July 23, 2015. https://web.archive.org/web/20150723224841/http://www.nytimes.com/2002/04/02/nyregion/02TOWE.html. live.
  9. News: News of the Realty Trade. February 16, 1975. The New York Times. February 6, 2019. February 7, 2019. https://web.archive.org/web/20190207020931/https://www.nytimes.com/1975/02/16/archives/news-of-the-realty-trade-25million-lease-signed.html. live.
  10. News: First Boston Corp. To Expand Offices. March 28, 1978. Oser. Alan. The New York Times. February 6, 2019. November 3, 2020. https://web.archive.org/web/20201103210749/https://www.nytimes.com/1978/03/28/archives/first-boston-corp-to-expand-offices-signs-lease-to-occupy-five.html. live.
  11. News: Commercial Property: Renovations; Primping Up at a Time When the Best Goes Begging. The New York Times. June 23, 1991. Dunlap. David. February 6, 2019. February 7, 2019. https://web.archive.org/web/20190207020830/https://www.nytimes.com/1991/06/23/realestate/commercial-property-renovations-primping-up-at-a-time-when-the-best-goes-begging.html. live.
  12. News: Perspectives: Wall Street Leasing; Cooling a Securities Firm's Wanderlust. Oser. Alan. August 23, 1992. The New York Times. February 6, 2019. February 7, 2019. https://web.archive.org/web/20190207020827/https://www.nytimes.com/1992/08/23/realestate/perspectives-wall-street-leasing-cooling-a-securities-firm-s-wanderlust.html. live.
  13. News: Real Estate; Prudential Securities and the Fried, Frank Law Firm Expand at One New York Plaza in Manhattan. The New York Times. October 19, 1994. Slatin. Peter. February 6, 2019. July 31, 2022. https://web.archive.org/web/20220731012106/https://www.nytimes.com/1994/10/19/business/real-estate-prudential-securities-and-the-fried-frank-law-firm.html. live.
  14. News: Goldman Sachs Signs Major New Lease. April 8, 1994. The New York Times. Lueck. Thomas. February 6, 2019. July 31, 2022. https://web.archive.org/web/20220731012107/https://www.nytimes.com/1994/04/08/nyregion/goldman-sachs-signs-major-new-lease.html. live.
  15. News: Commercial Real Estate; Purchase of One New York Plaza Reflects Toronto Company's Role. Oser. Alan. March 17, 1999. The New York Times. February 6, 2019. July 31, 2022. https://web.archive.org/web/20220731012107/https://www.nytimes.com/1999/03/17/nyregion/commercial-real-estate-purchase-one-new-york-plaza-reflects-toronto-company-s.html. live.
  16. Web site: One New York Plaza Building Specifications. Brookfield Properties. March 29, 2011. https://web.archive.org/web/20120317060424/http://www.brookfieldofficeproperties.com/_Global/25/documents/relatedlinks/1854.pdf. March 17, 2012. dead.
  17. News: Wach-Pru Deal Whacks Market. New York Post. November 4, 2003. May 14, 2019. Cuozzo. Steve. May 14, 2019. https://web.archive.org/web/20190514202407/https://nypost.com/2003/11/04/wach-pru-deal-whacks-market/. live.
  18. News: Fried Frank Sticks With N.Y. Plaza. February 22, 2005. May 14, 2019. Cuozzo. Steve. New York Post. July 31, 2022. https://web.archive.org/web/20220731012107/https://nypost.com/2005/02/22/fried-frank-sticks-with-n-y-plaza/. live.
  19. News: Brookfield refinances One New York Plaza with $750M Wells Fargo loan. March 17, 2016. May 14, 2019. The Real Deal. Putzier. Konrad. July 31, 2022. https://web.archive.org/web/20220731012107/https://therealdeal.com/2016/03/17/brookfield-refinances-one-new-york-plaza-with-750m-wells-fargo-loan/. live.
  20. News: Bloomberg. Morgan Stanley to Expand at Manhattan's 1 New York Plaza. April 17, 2012. Moore. Michael. Levitt. David. May 14, 2019.
  21. Web site: Brookfield Secures Retro Fitness as 1 New York Plaza Tenant. Commercial Observer. June 5, 2014. March 17, 2015. Henderson. Jennifer. April 2, 2015. https://web.archive.org/web/20150402151902/http://commercialobserver.com/2014/06/brookfield-secures-retro-fitness-as-1-new-york-plaza-tenant/. live.
  22. News: NAIC Follows Revlon to 1 New York Plaza. Delaporte. Gus. Commercial Observer. March 6, 2014. May 14, 2019. July 31, 2022. https://web.archive.org/web/20220731012108/https://commercialobserver.com/2014/03/naic-follows-revlon-to-1-new-york-plaza/. live.
  23. News: Revlon says so long to Midtown, hello to One New York Plaza. New York Post. March 4, 2014. Weiss. Lois. May 14, 2019. December 1, 2017. https://web.archive.org/web/20171201032744/https://nypost.com/2014/03/04/revlon-says-so-long-to-midtown-hello-to-one-new-york-plaza/. live.
  24. News: Davis Brody Bond Inks at 1 New York Plaza. Ewing. Michael. Commercial Observer. January 3, 2014. May 14, 2019. May 14, 2019. https://web.archive.org/web/20190514202410/https://commercialobserver.com/2014/01/david-brody-bond-inks-at-1-new-york-plaza/. live.
  25. News: Sloan Kettering complex ailing – Brookfield 99 percent leased. New York Post. October 28, 2014. May 14, 2019. Cuozzo. Steve. May 14, 2019. https://web.archive.org/web/20190514202409/https://nypost.com/2014/10/28/sloan-kettering-complex-ailing/. live.
  26. News: Macmillan Tops Biggest Leases for 1Q in Lower Manhattan. Elkies Schram. Lauren. Commercial Observer. May 5, 2014. May 14, 2019. May 14, 2019. https://web.archive.org/web/20190514202412/https://commercialobserver.com/2014/05/macmillan-tops-biggest-leases-for-1q-in-lower-manhattan/. live.
  27. Web site: Barbarino. Al. One New York Plaza Retail Concourse to Be Rebuilt After Post-Sandy Flooding. Commercial Observer. January 11, 2013. February 25, 2014. September 18, 2013. https://web.archive.org/web/20130918050040/http://commercialobserver.com/2012/12/one-new-york-plaza-retail-space-razed-and-to-be-rebuilt-post-sandy/. live.
  28. News: 1 New York Plaza Scores Five New Retail Concourse Tenants [Updated]]. Commercial Observer. Elkies Schram. Lauren. July 29, 2014. May 14, 2019. May 14, 2019. https://web.archive.org/web/20190514202415/https://commercialobserver.com/2014/07/1-new-york-plaza-scores-five-new-retail-concourse-tenants/. live.
  29. News: China Investment Corp. buys $700M stake in 1 NY Plaza. The Real Deal. May 23, 2016. May 14, 2019. May 14, 2019. https://web.archive.org/web/20190514202406/https://therealdeal.com/2016/05/23/china-investment-corp-buys-700m-minority-stake-in-1-ny-plaza/. live.
  30. Web site: May 23, 2016 . Chinese fund is the buyer of a stake in a downtown office tower owned by Brookfield . Daniel . Geiger . January 16, 2023 . Crain's New York Business.
  31. News: AEW Capital buys stake in Brookfield's 1 NY Plaza for $223M. December 29, 2016. May 14, 2019. Maurer. Mark. The Real Deal. May 14, 2019. https://web.archive.org/web/20190514202410/https://therealdeal.com/2016/12/29/aew-capital-buys-stake-in-brookfields-1-ny-plaza-for-223m/. live.
  32. Web site: Williams . Champaign . December 29, 2016 . AEW Grabs Minority Stake In One New York Plaza For $223M . registration . January 16, 2023 . Bisnow . live . https://web.archive.org/web/20191115114310/https://www.bisnow.com/new-york/news/office/aew-grabs-minority-stake-in-one-new-york-plaza-for-223m-69313 . November 15, 2019 .
  33. Web site: Manrodt . Alexis . December 21, 2020 . Brookfield Refinances One New York Plaza with $835M Loan . January 16, 2023 . The Real Deal New York . live . https://web.archive.org/web/20230116184642/https://therealdeal.com/2020/12/21/brookfield-lands-835m-refi-for-one-new-york-plaza/ . January 16, 2023 .
  34. Web site: Moynihan . Dan . April 19, 2022 . Brookfield, China Investment Put One New York Plaza in Manhattan on Sales Block . January 16, 2023 . Commercial Real Estate Direct.
  35. Web site: Larsen . Keith . April 19, 2022. Brookfield Is Selling One New York Plaza, Its 50-Story FiDi Office Tower. January 16, 2023 . The Real Deal New York. en-US . live . https://web.archive.org/web/20230116184643/https://therealdeal.com/2022/04/18/brookfield-puts-one-new-york-plaza-on-the-market/ . January 16, 2023 .
  36. Web site: June 7, 2022 . Waiting for a major trophy office building to trade on the Lower Manhattan waterfront . C. J. . Hughes . January 16, 2023 . Crain's New York Business.
  37. Web site: Larsen . Keith . Brookfield Pulls Listing on One New York Plaza Tower . The Real Deal New York . January 3, 2023 . January 16, 2023 . live . https://web.archive.org/web/20230116184641/https://therealdeal.com/2023/01/03/brookfield-china-investment-pull-listing-of-one-new-york-plaza-tower/ . January 16, 2023 .
  38. News: Burst Pipes Halt Goldman's Nasdaq Trading. Fox News.com. August 13, 2001. July 2, 2007. August 13, 2009. https://web.archive.org/web/20090813114523/http://www.foxnews.com/story/0,2933,32005,00.html. dead.
  39. News: Morgan Stanley to Move 2,300 Employees Downtown. LowerManhattan.info. 2005. July 11, 2008. https://web.archive.org/web/20091028030602/http://www.lowermanhattan.info/news/morgan_stanley_to_move_52052.aspx. October 28, 2009. dead.
  40. Web site: New NYC Space for Macmillan Unit. Publishers Weekly . March 25, 2014 . October 26, 2015. November 14, 2018. https://web.archive.org/web/20181114010808/https://www.publishersweekly.com/pw/by-topic/industry-news/publisher-news/article/61580-new-nyc-space-for-macmillan-science-and-education.html. live.

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