Posted Mar 4, 2014, 3:57 AM
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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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Will they follow Conde Nast downtown?
http://nypost.com/2014/03/03/skadden...ble-2020-move/
Skadden asking about possible 2020 move
By Steve Cuozzo
March 3, 2014
Quote:
Skadden, Arps, Slate, Meagher & Flom, which shares the Durst Organization’s game-changing 4 Times Square with Condé Nast, has its eye on newer pastures when its lease expires in 2020.
It sounds like a long way off — but planning takes that long when a company is weighing a move to new towers that won’t be finished for several years.
Skadden Arps, we’re told, has sent out a request for proposals for around 450,000 square feet to Larry Silverstein and Brookfield Properties, among others.
Silverstein, of course, is developing three World Trade Center towers, including the completed 4 WTC, which is still seeking its first private-sector tenant.
Brookfield is itching to start building at Manhattan West, its five-acre site between Ninth and Tenth avenues in the West 30s.
An exit by Skadden Arps would mark a turning of the page in its neighborhood’s commercial history.
Although 4 Times Square is often called the “Condé Nast building,” it’s been as much the “Skadden Arps building” since Douglas Durst in 1999 opened the tower, which first established the “new Times Square” as a prime office district.
Of course, Skadden Arps, which also has space at 1440 Broadway, might well be using the RFP to wrest more favorable renewal terms from Durst.
The powerful corporate law firm will soon be 4 Times Square’s only office tenant, once Condé Nast moves to the Port Authority’s and Durst’s 1 WTC early next year.
Asked to comment on Skadden’s RFP, Durst rep Jordan Barowitz said, “They are doing their due diligence, and if they are interested in new construction they have to begin that process now.”
Reps for both Brookfield and Silverstein declined to comment.
Skadden Arps’ broker, Jones Lang LaSalle New York president Peter Riguardi, was traveling and could not be reached by press time.
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