Mixed Use Building Near WTC Sells for $53M

Eastern Consolidated and Cresa New York announced in a joint statement this week that they have arranged the $52.9 million sale of 110-112 Greenwich Street in Lower Manhattan. The 66,530 square foot mixed use property was purchased by Hersel Torkian of the BHT Corp. Eastern Consolidated Chairman and CEO Peter Hauspurg, principal and executive managing director David Schechtman, senior director Lipa Lieberman, and associate director Abie Kassin; along with Cresa New York president and managing principal Mark Jaccom and senior advisor Elyse Schindler-Candella, exclusively represented the buyer, as well as the seller, 110 Greenwich Street Associates, in the transaction. Full terms of the deal were not disclosed.

"This premier property is one of the best redevelopment opportunities in the Lower Manhattan investment market," said Peter Hauspurg. "Its strategic location and potential for redevelopment for any number of future uses permitted as-of-right under its current, extremely favorable zoning designation, makes this a great asset for the new owner."

Located on the corner of Carlisle Street one block south of the World Trade Center Memorial and One World Trade Center, the property features 60 free market apartments, corner retail space, and 30,000 square feet of additional development rights. The property also comes with roughly 6,600 square feet of retail space and 30,000 square feet of commercial air rights, according to the Wall Street Journal. The Torkian Group, a development and property management company, said it plans to renovate the lobby, add a fitness center, new elevators and a new heating and cooling system to the building.

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3 WTC Signs On First Business Tenant with GroupM

Developer Larry Silverstein announced this week that GroupM, the parent of WPP Group media agencies including MEC, Maxus, MediaCom and Mindshare, has signed a 20-year lease for over a half-million square feet at 3 World Trade Center, taking 516,000 square feet in nine floors of the tower’s base. Silverstein Properties signed an agreement with advertising firm GroupM Inc. to be the anchor tenant at 3 World Trade Center, helping push forward development of the third skyscraper at the lower Manhattan site, according to a Bloomberg report.

"GroupM is looking forward to becoming part of one of the most vibrant and important neighborhoods in New York City," said Kelly Clark, CEO of GroupM North America. "I want to thank and congratulate everyone who helped us reach this exciting, historic agreement - especially Governor Cuomo, Mayor Bloomberg, and all of their associates at the state and city levels."

"Our agreement with GroupM to be the first tenant for 3 World Trade Center is another in a string of huge milestones at the World Trade Center," said Larry A. Silverstein, President & CEO of Silverstein Properties Inc. "Our firm recently opened 4 World Trade Center, the first tower to be completed at the 16-acre site. In addition, 2014 will see the completion of One World Trade Center and the 9/11 Museum. I congratulate GroupM and thank our government partners at the World Trade Center for helping ensure continued momentum in Lower Manhattan."

Designed by Richard Rogers of Rogers Stirk Harbour + Partners, the tower is under construction and expected to deliver by 2017. With the GroupM lease, a total of five million square feet of office space has now been leased at the new World Trade Center. Companies that have moved or committed to space include Condé Nast, BMI, Omnicom, Moody's, WilmerHale, Fast Company and Inc. magazines.

For more news and information visit Blumberg Capital Partners.

New Leasing Opportunities at One World Trade Center

The Durst Organization, a joint venture partner with the Port Authority of New York and New Jersey overseeing construction, leasing, and management of One World Trade Center, announced this week that it will lease 94,000 square feet of the 3-million-square-foot tower for smaller office tenants. Two floors of the iconic tower — located on the 45th and 46th floors — are being set aside as part of a prebuilt/build-to-suit program that offers spaces subdivided into smaller increments ranging between 2,000 and 20,000 square feet each.

"There is demand, from across the globe, from large multinational companies to establish a presence at One World Trade Center," said Eric Engelhardt, Vice President, Director of Leasing at One WTC for The Durst Organization, in a press release. "These potential users need a New York flagship at a building with a globally recognized address that speaks to their international reach and prestige."

The build-to-suit initiative offers customized construction and finishes to meet specific tenant configurations. Ownership will begin construction of the prebuilt spaces in early 2014. The spaces will be available for occupancy January 1, 2015. Cushman & Wakefield, in conjunction with The Durst Organization, is conducting the global marketing campaign in support of the building. The Cushman & Wakefield team is led by executive vice chairman Tara Stacom.

One World Trade Center is currently around 55% leased, with major tenants including Condé Nast, Beijing Vantone Real Estate and the U.S. General Services Administration. Legends Hospitality Group will operate the building's public observation deck, set to open in 2015.

For more news and information visit Blumberg Capital Partners.

WTC Site Update: 5 New Skyscrapers, Tallest Building in US Underway

The annual update on the progress of rebuilding the World Trade Center in New York City was given today as over 200 international reporters listened on to the reports from Gov. David Paterson, Mayor Michael Bloomberg and developer Larry Silverstein of Silverstein Properties. "Though we have had delays," Paterson said, "and unfortunately we have had conflicts of opinion, we are on the road, we believe, to a very great success." One World Trade, formerly known as the Freedom Tower, and Four World Trade have structural steel rising above ground level, with One World Trade already at its 36th floor, and over a dozen trees have been planted in the memorial park.

CNN.com offers a brief overview of the future plans from Brookfield Properties which includes a virtual tour of the new facilities, touting 5 new skyscrapers, one of which will become the tallest building in the United States. The New York Times has also posted a gallery of 20 images with photographs from Fred R. Conrad that provide an intimate view of construction at the site of the World Trade Center. Four of the towers are expected to be completed by 2014.

For more news and information visit Blumberg Capital Partners.