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Old Posted Aug 1, 2012, 11:51 PM
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The touches on this one are nice.


http://www.crainsnewyork.com/article...TATE/307229993

Developer for all seasons takes New York
Multitalented, deep-pocketed Hines builds success far from its Dallas home.




Tommy Craig isn't worried about finding tenants for Hines' newest office tower, which will rise near Bryant Park.


By Theresa Agovino
July 22, 2012


Quote:

Meanwhile, Hines made news of its own in the city last month. It announced it had reached an agreement with JPMorgan Chase to finance a 28-story, 450,000-square-foot office tower kitty-corner from Bryant Park. Remarkably, that deal was struck even though Hines has yet to secure an anchor tenant—a milestone that banks have insisted on in recent years as a prerequisite before considering a loan. In addition, Hines is restarting a client's stalled condo tower at 56 Leonard St. in TriBeCa, and trying to line up financing for a condominium/hotel it plans to put up next to the Museum of Modern Art.


While the relative strength of the city's residential market has drawn Hines' attention in recent years, the firm has made its mark as an office building developer, owner and manager. Many of its rivals in the city, including the Related Cos. and Silverstein Properties Inc., are better known, but few can match Hines' attention to every detail. CBRE Vice Chairman Darcy Stacom said that even the areas that house mechanical operations in Hines' towers are immaculate. "You can eat off the floor," said Ms. Stacom, who has sold several buildings for Hines over the years. "They even have a manual about how to wash the windows."

The windows at what will be Hines' newest office tower will boast striking views of Bryant Park. The question is, will there be tenants to enjoy them? The leasing market has been lackluster in recent months as many tenants opt to renew their leases instead of incurring the expense of a major move.

Hines is going ahead without a tenant, hoping it will have signed at least some leases by the time the building opens in 2014. Mr. Craig says he isn't particularly worried, even though there will be other new buildings hitting the market with plenty of space to lease, such as 250 W. 55th St. and 51 Astor Place.

"We have the best site in midtown, and we'll be delivering a boutique, 21st-century building," said Mr. Craig. "We'll be ready for the rebound."
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