Posted Jun 23, 2012, 8:07 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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http://www.goupstate.com/article/201...Y-office-tower
Pacolet Milliken one step closer to NY office tower
June 22, 2012
Quote:
Spartanburg-based Pacolet Milliken Enterprises Inc. announced Thursday it closed on an investment property near New York City's trendy Bryant Park.
The company in a joint venture with its partner Hines, a property management firm, financed the property at 7 Bryant Park for an undisclosed amount from institutional clients advised by J.P. Morgan Asset Management.
Construction is set to begin during the fourth quarter on a 28-story office tower with 470,000 square feet of rentable space on property that Pacolet Milliken has owned since 1954, which is a key parcel of the Avenue of Americas with full-block frontage at the southwest corner of the park. The building was designed by architect Henry Cobb of Pei Cobb Freed & Partners.
The company said the building's first occupants will move in by the end of 2014.
“We are pleased by the confidence placed in this project by J.P. Morgan to provide the capital and move forward with the building construction,” said Pacolet Milliken President Richard Webel in a statement. “I know Roger Milliken, who was committed to sustainability in the built and natural environments, would be thrilled to see this new landmark come to fruition on this legacy location.”
The state-of-the-art tower will be slated for Leadership in Energy and Environmental Design Gold certification. It will overlook the park and the historic New York Public Library.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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