Well that is a good point you've brought up that went right by me. Perhaps the loss of some older office space to luxury condos can prompt the creation of new office space, regardless will eventually be needed no matter what route the new owners of 70 Pine take.
However at the same time you have a large portion of 55 Water Street hanging around waiting, among other spaces in the area. While not a new building it is the largest in the city.
A company like AIG will obviously not need as much space as they once occupied in Manhattan, plus to my knowledge divisions of them moved into the Continental Center not too long ago which is right down the street.
The fact remains that the market is dry right now, but as stressed will return in the not so distant future. With that said will 70 Pine be on the top of companies lists as a place to call home, probably not. That's not to say though it can't squeeze out one or two more generations of lease terms. Again, all to be determined by the new owners. Either way its days or years as an office building are probably numbered.
__________________
"I'm going there, but I like it here wherever it is.."
|