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Originally Posted by DCReid
I wonder if they shortened this tower because they are adding an observation deck and other entertainment facilities at 1100 feet on the second tower?
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It went from a 1.7 msf building to a 2msf building, back to 1.7 msf, while the north tower remains the same 2.5 msf. It probably has more to do with getting construction and financing, as they have to get the building started by the end of the year for Coach. They probably wouldn't be able to start the larger building as soon. Just a theory. But the tower seems on the road to filling up fast.
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Since then, Related and its advisers at CBRE Group Inc. have attracted more tenants. This month, the chairman of cosmetics company L'Oréal gave his blessing to a plan to move the company's Manhattan offices to the tower, said executives familiar with the decision. L'Oréal is negotiating with Related for a lease for more than 400,000 square feet. German software giant SAP AG is in talks to take more than 100,000 square feet.
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Sources said Related and SAP are moving toward a term sheet, an agreement on major economic terms that usually, but not always, results in a signed lease. SAP would have less than Coach’s 750,000-square-foot share of the 1.7-million-square-foot tower. But it would be a significant lease of several hundred thousand square feet, sources said.
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After Coach and L'Oréal, that would leave roughly 500,000 sf for SAP and anyone else who wants to fit in or 2.5 msf in the north tower for those who need large amounts of space.
It's a 3 segment tower, with Coach taking the lower segment.
